{"id":13065,"date":"2010-09-15T09:10:01","date_gmt":"2010-09-15T13:10:01","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=13065"},"modified":"2010-09-15T09:10:01","modified_gmt":"2010-09-15T13:10:01","slug":"eurusd-rallies-on-technical-breach-but-faces-further-resistance","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/09\/15\/eurusd-rallies-on-technical-breach-but-faces-further-resistance\/","title":{"rendered":"EUR\/USD \u2013 Rallies on Technical Breach but Faces Further Resistance"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; A breakout yesterday during the New York trading session took the  EUR\/USD above a key consolidation pattern and a resistance level that  has held for over a month. In order to avoid a false breakout, the pair  will need to close above the long term downward trend line that begins  in December of 2009.<\/p>\n<p>Yesterday, the pair originally sold off  following worse than expected German economic expectations. However,  later in the day the EUR\/USD rallied after US Retail Sales data helped  to boost risk sensitive currencies. This continued the bullish move for  the pair and helped push the price above the resistance level at 1.2930  that has held for the last month.<\/p>\n<p>The rise in price was as high as 1.3030 and completes the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/09\/14\/eurusd-%e2%80%93-ascending-triangle-pattern\/\">ascending triangle pattern<\/a>.  However, the breakout to the upside was capped by the falling trend  line that begins in early December of 2009.  This will serve as the  first resistance level for EUR\/USD at 1.3030 (R1), followed by the low  from August 10th at 1.3070 (R2).<\/p>\n<p>A breach above the rising trend line would set up an opportunity to  go long on the EUR\/USD to with a target of R2. But should the rally  stall at the long term downward trend line, the recent gains could  unravel and the pair may fall back into the consolidation pattern,  targeting the rising lower boundary line at 1.2730.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/09\/EURUSD-Daily1.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/09\/EURUSD-Daily1.JPG\" alt=\"\" width=\"590\" height=\"667\" \/><\/a><\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                 may not   be          suitable     for     all            investors.       There       is   a                           possibility           that                you      could            sustain a    loss       of  all     of          your                         investment and                    therefore   you                should     not          invest            money    that      you                  cannot        afford to               lose.  You                should     be         aware     of          all       the        risks                 associated      with            Foreign            Exchange               trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; A breakout yesterday during the New York trading session took the EUR\/USD above a key consolidation pattern and a resistance level that has held for over a month. In order to avoid a false breakout, the pair will need to close above the long term downward trend line that begins in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/09\/15\/eurusd-rallies-on-technical-breach-but-faces-further-resistance\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EUR\/USD \u2013 Rallies on Technical Breach but Faces Further Resistance&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13065","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=13065"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13065\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=13065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=13065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=13065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}