Chart of the Day - 9/09/2009 – EUR/USD

 @ibtimes
on September 09 2009 11:20 AM

width=598

(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.)

9/09/2009 - EUR/USD - After breaking out yesterday above the last major high of 1.4445 within the current uptrend, price action on EUR/USD has hit its initial upside resistance target at the top of a parallel uptrend channel that the pair has been traversing since early June. In the process, this currency pair has confirmed a continuation of the current prevailing uptrend and has made a new 2009, or 8-month, high. The next key upside target resides right above 1.4700, which represents the top of the spike that occurred at the end of 2008. Any near-term breakout above that price region would reach at least an 11-month high, and could subsequently target further key resistance in the 1.4900 price region. Downside support within the context of the current uptrend continues to reside around the bottom border of the major parallel uptrend channel that has been in place since early March.

James Chen, CMTChief Technical StrategistFX Solutions

IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.

Share this article

More News from IBT MEDIA