Chart of the Week
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EUR/USD
Fri, Jan 11 2008, 16:23 GMT
by Tatsuya Kawanishi
FXstreet.com
A gradual downtrend channel within a range of 600 pips is seen in the EUR/USD daliy chart. After hitting the record high at 1.4969 in November 2007, the pair moved down to the bottom line of the channel. The pair has now climed upto the resistance line of the downtrend channel (top line), challenging to break it. Macd stays in the positive area and is rising sharply. The strong bullish momentum is not likely to end soon at the urging of the weak USD. If the pair breaks the resistance level, the 1.4900 region would be the next target.

Published on
Fri, Jan 11 2008, 16:38 GMT
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