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Chart of the Day − EUR/USD
Fri, Aug 15 2008, 14:49 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.)
8/15/2008 – EUR/USD – Although most technical signals on the EUR/USD daily chart, as shown, are indicating extremely exhausted and oversold conditions, downward momentum currently appears almost unstoppable. Logically, there should be a potential impending correction to the drastic plummet that is occurring, but the point at which this correction actually happens is the big question on most traders’ minds. At the current juncture, price is already deeply entrenched within the previous horizontal trading range that was in effect from late last year to early this year. In addition, the pair is currently just around 300 pips away from hitting the long-term uptrend support line (represented on the chart in green), which currently resides around the 1.4400 region. This uptrend line is a strong support factor, and if it gets broken to the downside, we would no longer consider the pair to be in a long-term uptrend. If a major correction occurs sooner than hitting that support trendline, on the other hand, the 1.4960 level (which represents the top of the previous trading range) continues to serve as major resistance going forward.
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Published on Fri, Aug 15 2008, 14:51 GMT
Archive
- Chart of the Day - EUR/USD
Published On Fri, Oct 31 2008, 14:49 GMT - Chart of the Day - GBP/USD
Published On Wed, Oct 29 2008, 16:40 GMT - Chart of the Day - USD/JPY
Published On Tue, Oct 28 2008, 15:44 GMT - Chart of the Day - EUR/USD
Published On Mon, Oct 27 2008, 16:18 GMT - Chart of the Day - GBP/USD
Published On Thu, Oct 23 2008, 15:14 GMT
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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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