Friday May 28, 2010 - 16:07:48 GMT
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Chart of the Day - 5/28/2010 β EUR/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
5/28/2010 β EUR/USD β Price action on EUR/USD, a daily chart of which is shown, has established a rough and tentative double bottom low in the 1.2140-50 price region. This has established a strong support level to watch for any breakdowns within the context of the strong current downtrend. Any breakdown of this key double-tested price region should target immediate further downside support in the psychologically-important 1.2000 price region. If, however, this double bottom formation is to fulfill its customary role as a reversal pattern, the pattern will not have been realized until price rises to surpass the double bottomβs peak, in this case around 1.2670. Unless that occurs, the overall technical bias on EUR/USD continues to be substantially bearish in line with the strong and steep prevailing downtrend.
James Chen, CMT
Chief Technical Strategist
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