EURUSD: Zones of Resistance - UPDATE 8/30/2012
8/21/2012 - The EURUSD has broken the bearish trendline and continues upward in the channel. There are three zones of resistance to be aware of. Look for continued highs with the MACD showing divergence for a possible resumption of the down trend.
8/24/2012 - View this chart in the hourly time frame to clearly see the zones of resistance. Slight Divergence on the MACD but a break above the previous high is a positive sign the bull run will continue. Look for support between 1.2441 - 1.2474 with consolidation before another move up or breaking down to continue the bearish trend. Look for a strong move above 1.2567 for a clear signal the trend will continue this bull run. This scenario ignores all news that may effect the EURUSD
8/30/2012 - The EURUSD has been consolidating since the last update. The MACD is showing divergence favoring the possibility that the EURUSD will resume its down trend. Look for price action to stay within the pendant before a strong break to either direction. This scenario ignores all news that may effect the EURUSD.
8/24/2012 - View this chart in the hourly time frame to clearly see the zones of resistance. Slight Divergence on the MACD but a break above the previous high is a positive sign the bull run will continue. Look for support between 1.2441 - 1.2474 with consolidation before another move up or breaking down to continue the bearish trend. Look for a strong move above 1.2567 for a clear signal the trend will continue this bull run. This scenario ignores all news that may effect the EURUSD
8/30/2012 - The EURUSD has been consolidating since the last update. The MACD is showing divergence favoring the possibility that the EURUSD will resume its down trend. Look for price action to stay within the pendant before a strong break to either direction. This scenario ignores all news that may effect the EURUSD.