Daily Forex Update: EUR/USD

The EUR/USD continues to hold support, but is struggling to push to new highs after trading within the narrow range from 1.2932 to 1.2733 for the fifth straight session. The stall on the daily chart came directly after a strong pullback on August 11, and the bulls have yet to recover. (The resistance that waits overhead can be seen clearly on the 240-minute chart.) The Channel Up pattern reversal through 1.3217-which included the sell-off from August 11-trended lower to the Autochartist Forecast area between 1.3052 and 1.2917 (F). This support level was quickly broken, and has subsequently become a resistance level that has been tested four times on the 240-minute chart.