EUR/USD’s Attempt To Break Above The Channel Resistance
December 9, 2012 in Chart Alert
EUR/USD attempted to break above the mid-term channel first time since the beginning of May 2011 i.e. after 19 months. The pair could not sustain above it but it is still early to say about the next moves:
EUR/USD weekly Chart – Break Of Channel:
While there is an attempt to break the the channel resistance, the pair has been failing at 38.2% retracement of the downward move during the beginning of May 2011 to July 2012.
EUR/USD’s Failure At 38.2% Retracement resistance: