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Chart of the Day - 9/03/2008 - EUR/USD
9/03/2008 – EUR/USD – Price action on EUR/USD (a daily chart of which is shown) has finally hit the long-term uptrend support line that has been in place for at least two and a half years. Poking slightly below the line during the first half of European session on Wednesday, price has since rebounded somewhat to settle slightly above the trendline again as of early Wednesday in New York. Any strong breakdown of the long-term uptrend line should first target immediate support in the 1.4300 region. A further breakdown below this level would signify a definitive end to the long-term uptrend, and a potential continuation of the recent freefall. In this event, the next major support to the downside resides around the 1.4125 region. A significant rebound off the long-term trendline, on the other hand, should first target immediate resistance to the upside around 1.4570. 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 lines in yellow; 200-period simple moving average in light blue.)
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