Wednesday September 3, 2008 - 14:41:04 GMT
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Chart of the Day - 9/03/2008 - 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.)
9/03/2008 â€“ EUR/USD â€“ Price action on EUR/USD (a daily chart of which is shown) has finally hit the long-term uptrend support line that has been in place for at least two and a half years. Poking slightly below the line during the first half of European session on Wednesday, price has since rebounded somewhat to settle slightly above the trendline again as of early Wednesday in New York. Any strong breakdown of the long-term uptrend line should first target immediate support in the 1.4300 region. A further breakdown below this level would signify a definitive end to the long-term uptrend, and a potential continuation of the recent freefall. In this event, the next major support to the downside resides around the 1.4125 region. A significant rebound off the long-term trendline, on the other hand, should first target immediate resistance to the upside around 1.4570.
Chief Technical Analyst
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