EUR/USD’s Attempt To Break Above The Channel Resistance

December 9, 2012 in Chart Alert

+1
  

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:

EUR/USD weekly chart: An effort to break above the channel resistance

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:

EURUSD failure at 382 retracement level - weekly chart

 

 

 

Author Info

Profile photo of ForexAbode.com

ForexAbode.com's analysts provide Forex market analysis based on technical, fundamental as well as psychological aspects. Apart from the daily and weekly Forex outlook posted on the respective pages, the outlook and news are also updated on the blog section. ForexAbode analysis is also featured on some of the leading financial news and analysis sites. Please use the comment form below or contact us page for any comments, suggestions or complaints. You may also write to us at contact(@)forexabode.com by removing the brackets in the email address.

Contributor Contact, Accountability and Policies

1 response to EUR/USD’s Attempt To Break Above The Channel Resistance

  1. Nice post. I was checking continuously this blog and I am impressed! Extremely useful info particularly the last part :) I care for such information much. I was looking for this certain information for a long time. Thank you and good luck.

Leave a reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>