EUR/USD Approaching a Confluence of Resistance (by SB)

By -

The EUR/USD forex pair is approaching a confluence of
resistance at 1.3200-1.3250ish as it rallies towards the underside of a former
"diamond" pattern/apex, as shown on the Weekly chart below. I'd
expect to see a bull/bear tug-of-war around this level before it either
continues upward, or reverses somewhat.

It is, currently, still under
the bearish influence of a moving average "Death Cross" formation and, as
such, is subject to further (and, potentially, large) downdrafts. Caution may be
warranted at the moment, which may negatively affect, and produce a drag on, any
bull scenario in U.S. equities, in the near term.