Chart of the Day
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Chart of the Day − EUR/USD
Tue, Aug 5 2008, 15:15 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
8/05/2008 – EUR/USD – Price action on the EUR/USD daily chart, as shown, has finally made a significant breakdown of the long-term uptrend support line (represented by the green line labeled “A”). In doing so, price has hit a significant support/resistance level around the 1.5460 level. Any further downward momentum on this break should target the first support to the downside around the 1.5360 region. A bit further down, there is a major support area at the very bottom of the current horizontal trading range (labeled “B”), around the 1.5280-1.5300 region. Oscillators like the displayed Stochastics are in prolonged oversold conditions at this point, but price may still have more room to drop. Resistance to the upside on a rebound, on the other hand, should now reside around the green uptrend line that the pair just broke down today.
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Published on Tue, Aug 5 2008, 15:17 GMT
Archive
- Chart of the Day – AUD/USD
Published On Thu, Jul 2 2009, 16:16 GMT - Chart of the Day – EUR/GBP
Published On Wed, Jul 1 2009, 16:15 GMT - Chart of the Day – USD/CAD
Published On Tue, Jun 30 2009, 15:31 GMT - Chart of the Day – GBP/USD
Published On Mon, Jun 29 2009, 14:44 GMT - Chart of the Day – EUR/JPY
Published On Fri, Jun 26 2009, 15:53 GMT
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