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Chart of the Day - 8/26/2008 - EUR/USD
8/26/2008 – EUR/USD – Long-term price action on the EUR/USD daily chart, as shown, has come down a long way to approach the very significant uptrend line that has served as dynamic support since at least the beginning of 2006. This long-term uptrend support line is represented on the chart by the long green line. Any further bearish price action should find strong support around this line, which is currently located around the 1.4400-1.4450 region. Oscillators like the displayed Stochastics are just emerging from oversold territory and pointing up. Any significant turn back up between the current price and the support imposed by the long-term uptrend line should target major resistance around the 1.4900 region once again. James Chen Chief Technical Analyst FX 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. (Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance levels in yellow; 200-period simple moving average in light blue.)