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Chart of the Day
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Chart of the Day − EUR/USD
Fri, Aug 8 2008, 15:18 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 line in yellow; 200-period simple moving average in light blue.)
8/08/2008 – EUR/USD – On the EUR/USD daily chart, as shown, a massive breakdown of the horizontal trading range that price has been traversing for the past 5 months has finally occurred. This exceptionally strong and swift breakdown of the range’s low at around 1.5280-1.5300 occurred on Thursday night, and has continued with fierce follow-through on Friday morning. Incidentally, coinciding with this breakdown have been equally significant breaks on the other majors. Oscillators like the displayed Stochastics are giving extreme oversold readings, but still pointing down. Strong support immediately to the downside, as of this writing, resides around the 1.4960 level, which is the top of the previous horizontal trading range. Any major rebound of the breakdown should meet a solid resistance barrier at the key 1.5280-1.5300 level that price just broke.
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Published on Fri, Aug 8 2008, 15:19 GMT
Archive
- Chart of the Day – Gold
Published On Wed, Nov 4 2009, 16:31 GMT - Chart of the Day – EUR/USD
Published On Tue, Nov 3 2009, 16:05 GMT - Chart of the Day – AUD/USD
Published On Mon, Nov 2 2009, 15:50 GMT - Chart of the Day – EUR/USD
Published On Thu, Oct 29 2009, 14:35 GMT - Chart of the Day – AUD/USD
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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