Thursday October 9, 2008 - 15:18:25 GMT
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Chart of the Day - 10/09/2008 - EUR/USD
(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.
James Chen
Chief Technical Analyst
FX Solutions
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