EUR/USD Broke Over The Second Resistance
January 12, 2013 in Chart Alert
After breaking over 1.3283 and touching 1.3308 the currency pair had found strong resistance and then could not break that resistance again for 3 weeks. yesterday’s strong upward jump has taken out 1,3283 again and then 1.3308.
The three key resistance for EUR/USD have been as follows:
EUR/USD Weekly Chart
The high of Friday was 1.3366 which was slightly below the second important resistance. If the pair breaks over that then the third very critical resistance is at 1.3486 as clear by the above mentioned weekly chart.
It is interesting to note that 1.3486 level which had proved to be a strong resistance during February 2012 as shown in the chart shown above had a prior infamous history. 11 weeks before that i.e. during early December 2011, EUR/USD had found resistance exactly at the same level.
EUR/USD’s history with 1.3486 level
That resistance is also important because of psychological push of 1.3500. Please also check this previous EUR/USD chart alert, the ending of this mentions why the 1.3486 resistance is even more critical.