EUR vs USD 12/17/12

FX:EURUSD   Euro Fx/U.S. Dollar
595 0 1
Looking at the EUR vs USD from a purely technical perspective we can see that price has created an ascending triangle with price making higher lows against the light green trend line and making same level highs at the red resistance line @ 1.31308. This formation is usually a bullish continuation pattern and we have a close on Friday above the resistance level . This may be a false breakout at the moment and price may retrace back below the resistance line and possibly test resistance at the trend line level. If the resistance level is violated and the breakout is in tact look for price to eventually pull back to the 1.31308 level before heading north again to the 1.34550. If the market reaches this level and breaks the resistance at 1.34550 then look for some serious bullish movement.
Currently price is above it's 100 SMA which is the blue line and also above it's 200 SMA which is the darker green line. With price being above both MA's this is a bullish market. Also we have the 100 SMA crossing above the 200 SMA from below which is also a bullish sentiment.
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