Forex4you Technical Analysis 13 March 2013

EUR/USD: channel breakout

We have now had a break out of the channel, although there has been limited follow-through. The bounce from Friday's lows continues to rise slowly and there is a possibility now – since the channel breakout - of a continuation eventually up to the target at 1.3180. The price pattern stretching back over a week looks potentially like a reversal enhancing bullish outlook. A bundle of resistance at 1.3115 impedes but a decisive break above the 1.3071 highs would add bullish confirmation. For bears to get interested I'd be looking for a break below 1.2945, with 1.2815 indicated as a downside target.

Analysis by: Joaquin Monfort
Forex4you analyst

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Comment by John Mill on March 14, 2013 at 10:42am
Thanx for the info. Very clear data you have provided here.
Comment by Sam Wexler on March 13, 2013 at 9:53pm

Yes.. We need a break already! A nice clear trend.

Comment by SNOWBALL-yanyan on March 13, 2013 at 2:49pm

it seems really  embarrased at this not -up and not-down time ,it 's not clear for the tendence...

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