Tuesday July 8, 2008 - 15:04:12 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 7/08/2008 - EUR/GBP
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart pattern in yellow; 50-period simple moving average in light blue.)
7/08/2008 â€“ EUR/GBP â€“ Price action on the EUR/GBP daily chart, as shown, has been consolidating in a well-defined symmetrical triangle formation for at least three months now. This consolidation has been marked by progressively diminishing volatility, and follows closely on the heels of an impressive uptrend run that began in September of last year. Some may consider the current triangle a flag formation, although flags and pennants usually show up as smaller chart patterns than what we are seeing now. In any case, this consolidation may be hinting at a possible continuation of the uptrend, as both flags and triangles are often considered continuation patterns. Therefore, any clean break above the top triangle boundary could represent a potential breakout trading opportunity, targeting the closest major resistance around the long-term high in the 0.8100 region.
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."