(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; 200-period simple moving average in light blue.)
6/19/2008 – EUR/USD – The EUR/USD short-term hourly chart, as shown, is mired within a tight horizontal trading consolidation. Support in this range is especially significant, as price has touched and bounced off it many times within the past week. As of this writing, the morning hours on Thursday in New York saw price hit and bounce up off support once again. This short-term support level resides in the 1.5460 region. Barring any fundamental breakdown, the bias is currently bullish in line with the short-term range trade. This outlook is supported by oscillators like the displayed Stochastics, which are moving up from extremely oversold. In the event of price making this move back up, the next resistance level to the upside resides in the 1.5585 region.
Chief Technical Analyst
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