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EUR/USD continues trading within the symmetrical triangle (narrowing channel) on the hourly chart discussed yesterday.

The pair strengthened its grip on downtrend resistance with a move to challenge it. The line held well. Here is how it looks on the chart:

EURUSD continuing to trade in a narrowing channel symmetrical triangle hourly chart May 8 2013

After the strong German factory orders yesterday, Germany’s industrial production is now in the limelight. For more, see the Euro to dollar forecast.