Tuesday August 26, 2008 - 16:37:16 GMT
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Chart of the Day - 8/26/2008 - 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 levels in yellow; 200-period simple moving average in light blue.)
8/26/2008 â€“ EUR/USD â€“ Long-term price action on the EUR/USD daily chart, as shown, has come down a long way to approach the very significant uptrend line that has served as dynamic support since at least the beginning of 2006. This long-term uptrend support line is represented on the chart by the long green line. Any further bearish price action should find strong support around this line, which is currently located around the 1.4400-1.4450 region. Oscillators like the displayed Stochastics are just emerging from oversold territory and pointing up. Any significant turn back up between the current price and the support imposed by the long-term uptrend line should target major resistance around the 1.4900 region once again.
Chief Technical Analyst
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