(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; 50-period simple moving average in light blue.)
5/11/2009 € EUR/USD € Price action on EUR/USD (a daily chart of which is shown) as of Monday (5/11/2009) morning, retraced a minor portion of Friday€™s dramatic 300-pip bullish run. The pair quickly rebounded, however, and appears to be making a renewed bullish push off the key 1.3550 support/resistance level where the retracement bounced. Currently targeting strong resistance in the 1.3750 region, the level of the last major swing high, any breakout above should target further resistance in the 1.3900 region. Downside support, just tested today, should continue to hold around the 1.3550 price area, with stronger support down around the 1.3380 region.
James Chen, CMT
Chief Technical Strategist
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