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Chart of the Day − EUR/USD
Thu, Oct 9 2008, 15:12 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart patterns in yellow; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
10/09/2008 – EUR/USD – Within the past few days, a tight consolidation on the EUR/USD (a daily chart of which is shown) has formed a rough inverted flag pattern. The flagpole represents the massive drop that has occurred in the pair within the last two weeks. Three subsequent bars after the sustained plummet represent a slightly bullish consolidation/correction that strongly hints at indecision in the market. Watch for any strong, sustained breakout below the lower border of the flag, which would fulfill the flag’s common role as a continuation pattern. In this event, strong support to the downside, below the entire flag, resides around the key 1.3350 historical support/resistance region.
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Published on Thu, Oct 9 2008, 15:15 GMT
Archive
- Chart of the Day - EUR/USD
Published On Mon, Dec 1 2008, 19:00 GMT - Chart of the Day - USD/JPY
Published On Wed, Nov 26 2008, 16:42 GMT - Chart of the Day - GBP/USD
Published On Tue, Nov 25 2008, 17:15 GMT - 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
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