(Please click on the accompanying chart to enlarge.) This, again, is a 4-hour EUR/USD chart. After a momentous run-up this morning to the resistance line I’ve labeled “Resistance”, price has appeared to lose some of its momentum, at least for the time being. At this point, it would take a lot to break through this resistance. Any move back down should target support in the 1.5800 region.
- James
James Chen is the Chief Technical Analyst at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT) Level 3 candidate. At FX Solutions, Mr. Chen writes daily currency analysis, conducts forex trading seminars, and has authored numerous articles on currency trading and technical analysis for major financial publications. His upcoming book, Essentials of Foreign Exchange Trading (John Wiley & Sons), will be released in early 2009.
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