Chart of the Day - 5/04/2010 – EUR/USD

 @ibtimes
on May 04 2010 10:20 AM

width=398(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.)

5/04/2010 - EUR/USD - Price action on EUR/USD, a daily chart of which is shown, has tentatively broken down below key support in the 1.3100 price region, establishing a new 12-month low in the process. This bearish break has also confirmed a continuation of the strong downtrend that has been in place since December 2009. With continued bearishness off the current breakdown, price could target further downside support in the 1.2900 price region. On a longer-term basis within the context of the continuing downtrend in this currency pair, a major downside support target resides in the 1.2500 price region.

James Chen, CMTChief Technical StrategistFX Solutions

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