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Since late Monday, EUR/USD began trading in a rising parallel channel, as seen in the hourly chart. It is currently in the lower part of the channel, but keeping a safe distance from the very bottom.

The pair tends to remain in high levels of the channel, and then fall quickly to the bottom only to return quickly to the top. Here is how it looks like:

EUR USD Parallel Channel June 13 2013 techncial analysis euro dollar for currecny trading forex

1.3389 is the top for the pair so far. Support appears at 1.3306 which was previous resistance. At the time of writing, the 1.3306 line coincides with uptrend support. Uptrend resistance is moving above 1.34.

According to Elliott Wave, EUR/USD reached temporary resistance – beware of a reversal.

For more levels, events and analysis, see the euro to usd forecast.