Friday June 13, 2008 - 14:48:46 GMT
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Chart of the Day - 6/13/2008 - EUR/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; uptrend line in green; horizontal support/resistance levels in yellow; 200-period simple moving average in light blue.)
6/13/2008 â€“ EUR/USD â€“ Price action on the EUR/USD (the 4-hour chart of which is shown) has finally approached a much-discussed, key support level for the third time, as of this writing. This significant level resides in the 1.5280-1.5300 region. An additional support factor that lends even more strength to this horizontal support is the red downtrend line, which has served variously as resistance and support since late April. With price having just reached the convergence of these two significant support factors, as well as oscillators like the displayed Stochastics indicating heavily oversold, technical traders are looking for any pronounced bounce up off support to continue the prolonged EUR/USD trading range consolidation. In the event of this bounce and move back up, the next major resistance level to the upside resides around the 1.5480 region, which has shown to be a significant prior support/resistance level.
Chief Technical Analyst
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