EUR/USD 1-Hour Chart (as of 6/19/2013):
The pair is currently trading in an intact uptrend, making
higher highs and higher lows, approaching 1.3400/30, the highs of 1/14/2013 and
2/20/2013. On the 1-hour chart, the price action formed an ascending triangle,
and then broke above the upper line just less than 20 pips testing the high of
1.3415. By connecting the highs of 6/13 and 6/18, we have a rough rising wedge
pattern, which is potentially a bearish pattern in an uptrend.
The market is trading in tight range awaiting the FOMC
announcement. If the pair breaks above 1.3400/30 in a meaningful way, it may
then test 1.3500/20, the high of 2/13/2013 and also the long-term downtrend
resistance line. On the downside, the support levels are at 1.3300 and 1.3240.
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