Monday December 22, 2008 - 17:08:12 GMT
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Chart of the Day - 12/22/2008 - EUR/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; horizontal support/resistance lines in yellow; chart pattern in magenta; Fibonacci retracements in grey; 50-period simple moving average in light blue.)
12/22/2008 â€“ EUR/USD â€“ Within the context of the remarkable bullish run of the past couple of weeks, price action on EUR/USD (a daily chart of which is shown) has retraced to a significant support/resistance level. This level is supported by a key prior S/R zone around 1.3830-1.3880 region. It is also supported by an important 38.2% Fibonacci retracement level (the low-to-high retracement span being measured from the low on 12/4/2008 to the high reached just last week on 12/18/2008). A strong break below this significant support level could target further support around the 1.3650 level, which coincides with a 50% retracement of the recent bullish run. Any clear bounce off the current support level could target further resistance in the 1.4300 region.
Chief Technical Strategist
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