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Chart of the Day
Chart of the Day – EUR/USD
Tue, Oct 20 2009, 14:21 GMT
by James Chen
FX Solutions | View company's profile
10/20/2009 – EUR/USD – Price action on EUR/USD, a daily chart of which is shown, has just reached a new 14-month high, and has stalled around yet another resistance level (just under the 1.5000 price region), within the context of a strong continuing uptrend. This uptrend is framed by a clear parallel uptrend channel that has been firmly in place since the March lows. The overall trend and directional bias continue to be bullish, although the short-term uptrend since the beginning of this month has been excessively steep. Therefore, a bearish correction may soon be in the making, with strong dynamic support residing around the bottom border of the parallel uptrend channel. Any strong breakout above 1.5000 would be a significant trend move that could potentially carry the momentum to target further key resistance around 1.5300, which represents the double-top trough that occurred in mid-2008. The all-time high just above 1.6000 represents an important longer-term target if the current uptrend continues its course.
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Published on Tue, Oct 20 2009, 14:23 GMT
FX Solutions, LLC
http://www.fxsolutions.com | info@fxsol.com
Archive
- Chart of the Day – EUR/USD
Published On Thu, Mar 18 2010, 15:22 GMT - Chart of the Day – AUD/USD
Published On Wed, Mar 17 2010, 16:56 GMT - Chart of the Day – GOLD
Published On Tue, Mar 16 2010, 14:50 GMT - Chart of the Day – GBP/USD
Published On Mon, Mar 15 2010, 15:26 GMT - Chart of the Day – USD/CAD
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