Monday June 2, 2008 - 16:25:14 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 6/02/2008 - EUR/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
6/02/2008 â€“ EUR/USD â€“ A sign has emerged that price action on the EUR/USD daily chart, as shown, has begun a potential correction to the downside after reaching the all-time high in late April. This sign is in the form of an unmistakable lower high that has formed within the last week. Together with the all-time high, this lower high forms the beginnings of what may become a significant downtrend resistance line (represented on the chart by the red line). Though price action is still considered to be stuck within a horizontal trading range (bounded by the top two yellow lines), the tentative downtrend resistance line in red is an indication that significant selling pressure (and perhaps some long-awaited dollar strengthening) may finally be entering into the equation. Any continued momentum to the downside would target strong support in the 1.5280 region, which is the bottom of the current trading range.
Chief Technical Analyst
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."