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Forex Technical Analysis - 11/29/2012 - EUR/USD Stalls Rise Near Key Resistance Confluence

NEW YORK, November 29, 2012 /PRNewswire/ --

200-period simple moving average in blue, 50-period simple moving average in brown, 8-3-3 slow Stochastics on 2nd pane. Chart provided by FX AccuCharts.

EUR/USD (daily chart) has tentatively stalled its climb of the last few weeks just under a strong resistance confluence. The confluence factors include both the important 1.3000 level and a long-term bearish resistance trend line extending back to the May 2011 1.4937 high. Price has been consolidating under this resistance confluence for the entire trading week thus far. Because of the significance of this 1.3000 potential resistance, any bullish move that is able to break out above it could carry the upside momentum to extend the short-term uptrend, with near-term potential resistance around the 1.3170 level. Further to the upside resides the 1.3500 level, which could potentially serve as a further resistance point. In the event that 1.3000 resistance holds, key downside support on a bearish correction potentially resides around the 1.2800 level.

     (Photo: http://photos.prnewswire.com/prnh/20121129/579990 )

James Chen, CMT

Chief Technical Strategist

FX Solutions


Forex trading involves a substantial risk of loss and is not suitable for all investors.  FX Solutions LLC ("FXS") is compensated through a portion of the bid/ask spread. This information is being provided only for general market commentary (based on technical analysis) and does not constitute investment trading advice.  Certain information contained herein has been obtained from sources that FXS believes to be reliable; however, FXS cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is subject to change without notice. FXS has no obligation to update any or all of such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy or accept responsibility for errors. 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. Past performance is not necessarily indicative of future results. No determination has been made regarding the appropriateness of any information contained herein. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated herein. FXS expressly disclaims any loss or profits that may arise from any use of the information contained in or derived from this commentary. FXS and its affiliates may engage in transactions that are inconsistent with the views expressed herein.  FXS does not endorse nor is it responsible for any third-party posts related to this material. Please visit http://www.fxsolutions.com for more information about FXS and currency trading.


SOURCE http://www.fxsolutions.com

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