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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

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Beach

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NOTABLE POSTS WITH IMPORTANT UPDATES...

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.