Monday July 28, 2008 - 15:29:42 GMT
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Chart of the Day - 7/28/2008 - EUR/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
7/28/2008 â€“ EUR/USD â€“ After hitting a significant support resistance level at around 1.5630 late last week, price action on the EUR/USD daily chart, as shown, has made a clear bounce up off that support, as of this writing. Corresponding with this bounce is oscillator confirmation in the form of the displayed Stochastics, which have tentatively emerged up from oversold territory. In the event of a continued move up on the bounce, closest resistance to the upside resides around the 1.5800-1.5820 support/resistance region. Above this is the strong 1.5900 resistance. Immediate support to the downside, on the other hand, continues to reside in the 1.5630 region.
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Chief Technical Analyst
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