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EUR/USD Update - At Long-Term Support
Posted on September 3, 2008 at 14:42 in Analysis by James Chen

20080903eurusd
(Please click on the accompanying chart to enlarge.)

As of early Wednesday morning in New York, price has poked slightly below and is now fluctuating slightly above the long-term uptrend support represented by the major uptrend line. Therefore, price is currently at a very critical juncture. In the absence of any significant correction, a strong breakdown below the trendline and then the 1.4300 region immediately below it would signify a definitive end to the long-term uptrend, and a potential further freefall. In the event of this occurring, the next major support below resides around the 1.4125 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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