October 18, 2013 – EUR/USD (daily chart) reached its upside target of 1.3700 on Friday morning, closely approaching the 1.3709 high that was established back in early February. This level is a major resistance area and was the clearest upside target for the bullish trend that has been in place since the July low at the double-bottomed 1.2750 support level. The quick ascent that occurred on Thursday after the U.S. debt ceiling resolution was reached prompted the currency pair to break out above a pennant/triangle consolidation pattern. Now that this major 1.3700 resistance level has been reached, the pair is at a critical technical juncture. A strong breakout above 1.3700 could prompt an extension of the current uptrend to begin targeting its further upside objective around the key 1.4000 technical and psychological level. Key downside support on any pullback from resistance continues to reside around the 1.3500 area. James Chen, CMT Chief Technical Strategist City Index Group Forex trading involves a substantial risk of loss and is not suitable for all investors. This information is being provided only for general market commentary and does not constitute investment trading advice. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any financial instrument and should not be used as the basis for any investment decision. James Chen James Chen James Chen is Chief Technical Strategist for City Index Group. He is also a Chartered Market Technician. He is the author of the books: "Essentials of Foreign Exchange Trading" (John Wiley & Sons, 2009) and "Essentials of Technical Analysis for Financial Markets" (John Wiley & Sons, 2010). Mr. Chen writes currency analysis, leads forex trading seminars and has appeared in numerous major financial media outlets, including CNBC, Bloomberg TV, Forbes, Reuters, Dow Jones, and the Associated Press. View All Post By James Chen Forex News Today: Daily Trading News share Read Next Will China be able to sustain its momentum? Oct. 18 2013 Guest 9 years October 18, 2013 - EUR/USD (daily chart) reached its upside target of 1.3700 on Friday morning, closely approaching the 1.3709 high that was established back in early February. This level is a major resistance area and was the clearest upside target for the bullish trend that has been in place since the July low at the double-bottomed 1.2750 support level. The quick ascent that occurred on Thursday after the U.S. debt ceiling resolution was reached prompted the currency pair to break out above a pennant/triangle consolidation pattern. Now that this major 1.3700 resistance level has been reached, the pair is… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
