FXstreet.com (Barcelona) - The Euro Dollar is narrowing its trading range, once it broke the downward channel it had been for about a month. At the moment t EUR/USD moves from 1.28 to 1.3010.
According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, the pair is setting the circumstances for a potential breakout: Convergence towards the 1.2900 pivot sees the pair's broad moves lead to a potential breakout opportunity. Downward channel slows, initial focus for a support level points to 1.2927, opening the doors for 1.2835 - strong support at 1.2814. Resistance on the upside sits on 1.2983 - with a strong resistance in the 1.3075 - 1.3093.