Friday October 31, 2008 - 15:03:22 GMT
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Chart of the Day - 10/31/2008 - EUR/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance level in yellow; Fibonacci retracement levels in grey; 50-period simple moving average in light blue.)
10/31/2008 â€“ EUR/USD â€“ Price action on the EUR/USD daily chart, as shown, has clearly been rejected at the resistance imposed by a key 38.2% Fibonacci retracement level and an important prior support/resistance level around the 1.3250-1.3300 region. This price rejection, which was manifested as a clear shooting star candle, occurs within the context of an important upside correction within the overall downtrend in the pair. Oscillator momentum is still to the upside, but price currently appears to be targeting eventual major support at the level of the 2 Â½ year low around 1.2330. Any break below 1.2450 would confirm these potentially bearish intents. A bullish break above 1.2850, on the other hand, could signal a potential subsequent rise to retest the 1.3250 resistance.
Chief Technical Strategist
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