Monday September 8, 2008 - 15:56:08 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 9/08/2008 - 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.)
9/08/2008 â€“ EUR/USD â€“ Price action on the EUR/USD daily chart, as shown, has pulled back up to the long-term uptrend support line that it broke on Thursday of last week. After pulling back almost precisely to the line (represented by the lower green line), which should now be serving as resistance (support becomes resistance), price retreated back down as might be expected from a technical perspective. Any further move down on this potential breakdown-pullback-continuation should eventually hit key historical and psychological support around the 1.4000 region. Before that, however, there is some intermediate support around the 1.4125 level. Any correction back up, on the other hand, should continue to consider the abovementioned broken uptrend line as significant resistance.
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."