FXTrader1979's Daily Forex Chart Postings

I am starting this thread to post my analysis on any important tech levels I see for some of the currencies that I actively follow. I hope you find them useful and also hope that others will point out anything they are seeing that I am not.

-FXTrader1979

For my first chart I am posting the EUR/USD which has been attracting a lot of interest as it looks like we are going to potentially get a test of all time highs above 1.6000. What I find very interesting about this chart is how well the Bollinger Bands have contained the price action ever since the initial selloff from all time highs at 1.6023. What I also find interesting is that unlike previous moves lower this last move lower was held up at the middle of the bollinger bands (represented by the 20 day moving average). I see this as a sign of strength since the market did not make it to the bottom of the range. As you can see we are now sitting at the top Bollinger Band again.

EUR/USD Daily

http://farm4.static.flickr.com/3035/...39e921.jpg?v=0

Thoughts and comments are encouraged.

-FXTrader1979

We saw new highs in the pair today however the market was not able to hold above the previous high of 1.6023 which is the new battleground for the bulls. Should the market continue to pullback I will look for the line labeled minor trend and the middle bollinger band to hold as support. If we are able to hold there then I expect another test of the highs. If not then the next major level of support I will look towards is the line labeled "major trendline support".

EUR/USD Daily:

http://farm4.static.flickr.com/3044/...32cff5.jpg?v=0

As always I am very open to feedback so if anyone feels that I am missing something or sees things differently feel free to reply.

-FXTrader1979