12/19/2012 – EUR/USD Reaches Resistance and 8-Month High
By James Chen | December 20, 2012 6:29 AM EST
EUR/USD (daily chart) as of December 19, 2012, has continued its strong bullish surge of the past week and a half to reach key resistance around the 1.3300 price region. In the process, price has just established yet a new 8-month high. This occurs within a bullish trend that extends back to the July 1.2040 low. It also occurs after price action broke out late last week above an important dynamic resistance trend line extending back to the mid-September 1.3170 high. By breaking out above that resistance line, price confirmed a continuation of the entrenched bullish trend. Having just reached its 1.3300 resistance area, price has displayed an accelerated bullishness that could go on to reach for further highs. In the event of a significant breakout above 1.3300, the pair could move towards strong potential resistance around the 1.3500 price region.
James Chen, CMT
Chief Technical Strategist
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