Euro Reaches Key Resistance

09/30/2010 2:35 pm EST

Focus: FOREX

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The euro has rallied impressively from the September lows at 1.2650 and it is now trading above 1.3600. The euro has just exceeded the major 50% retracement resistance. Though there are no signs yet of a top, the upper boundaries of the trading channel and the 61.8% resistance are just a bit higher at 1.38-1.3900. This should be a tough barrier to overcome. The on-balance volume (OBV) is lagging the price action, but is still above its weighted moving average (WMA). Good support now resides at 1.3200.

Tom Aspray, professional trader and analyst, serves as video content editor for The views expressed here are his own.

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