Friday December 5, 2008 - 17:17:15 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 12/05/2008 - EUR/GBP
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
12/05/2008 â€“ EUR/GBP â€“ Currently near record levels, the key EUR/GBP cross (a daily chart of which is shown) has surpassed the recent decade-plus high for the pair set just last month at around 0.8660. Thursdayâ€™s price action broke right through that previous high and set a new one at around 0.8720. Fridayâ€™s price action has thus far double-tested, but has not been unable to surpass, the lofty level set on Thursday. If, however, it manages to do so with conviction, the pair could eventually target the historical resistance high around the 0.9000 region, which is also a key 38.2% extension to the upside. A retreat and decisive close back down below the aforementioned 0.8660 previous high, however, could label the new double-tested high as a false break and prompt a swift retreat back down to less extreme levels. In this event, strong support to the downside resides around the 0.8340 level.
Chief Technical Strategist
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."