October 29, 2009 10:58 AM
EUR/USD - Uptrend Support Line Respected
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Once again, price action on EUR/USD, a daily chart of which is shown, has turned up and respected a key uptrend support line extending from the March lows. This occurs after dollar-strengthening price action for the past week has prompted EUR/USD to correct back down to this uptrend line on the heels of hitting a 14-month high around 1.5060 in the beginning of the week. Today’s tentative trendline bounce hints at a potential uptrend continuation. For more technical analysis on this currency pair, please click here for Thursday's (10/29/2009) Chart of the Day.
- James Chen, CTA, CMT
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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- ZEW comments
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