7/30/2008 – EUR/USD – As of this writing, EUR/USD (the daily chart of which is shown) has hit a key dynamic support level in the form of a relatively long-term uptrend support line. This trendline, denoted by the long green line labeled “A”, has been an active support line for around a year, since August 2007 when price was around the 1.3350 region. Price has revisited this line several times since then, and just today has threatened a breakdown. If indeed a true break occurs with significant downward momentum, we should be seeing price ultimately target the next major support level to the downside around the 1.5350 ... (full story)