Wednesday June 2, 2010 - 14:10:52 GMT
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Chart of the Day - 6/02/2010 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.)
6/02/2010 β EUR/USD β Price action on EUR/USD, a 4-hour chart of which is shown, has formed a descending triangle formation in the midst of a strong downtrend. Often considered a bearish continuation pattern, the descending triangle is closely watched for strong breaks to the downside. The triangleβs flat support bottom around the 1.2140 price region has around three touches, while its descending top also has three touches. Any significant break to the downside below this triangle would be a clear bearish signal and would confirm the continuation of the strong prevailing downtrend. In this event, the immediate downside target resides in the key 1.2000 support price region.
James Chen, CMT
Chief Technical Strategist
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