Chart of the Day
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Chart of the Day − EUR/USD
Thu, Oct 2 2008, 16:25 GMT
by James Chen
10/02/2008 – EUR/USD – Extremely bearish price action on the EUR/USD daily chart, as shown, has plunged a total of more than 1000 pips since the latest bear run began on September 23. The current drop has essentially been unidirectional, with little in the way of retracement or consolidation. This drastic plummet is reminiscent of the large drops that began in late July and late August. As of Thursday morning (New York session), price has broken down below the last support level at 1.3880, which suggests that the overall downtrend of the last three months could still be in full force. Continued general bearish price action, even if minor retracements and/or consolidation enter into the picture, could target further key support around the 1.3550 region.
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Published on Thu, Oct 2 2008, 16:27 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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