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Monday, December 17, 2012

EUR/USD Approaching a Confluence of Resistance

The EUR/USD forex pair is approaching a confluence of resistance at 1.3200-1.3250ish as it rallies towards the underside of a former "diamond" pattern/apex, as shown on the Weekly chart below. I'd expect to see a bull/bear tug-of-war around this level before it either continues upward, or reverses somewhat.

It is, currently, still under the bearish influence of a moving average "Death Cross" formation and, as such, is subject to further (and, potentially, large) downdrafts. Caution may be warranted at the moment, which may negatively affect, and produce a drag on, any bull scenario in U.S. equities, in the near term.