FX Path

Technical Trading Tips and Techniques by James Chen, Chief Technical Strategist at FX Solutions.

Or subscribe via email:

FXstreet.com Weblogs

Links

EUR/USD - Continued Bullishness

Posted on December 15, 2008 at 14:04 in Analysis by James Chen

As noted on this blog last Thursday (”Beginnings of a Bullish Reversal?“), the EUR/USD bulls were targeting the 1.3550 region, a significant support/resistance level. As of early Monday morning in New York, that level has indeed been reached. And as noted in last Thursday’s Chart of the Day (click here to view), in the event of strong momentum above the 1.3550 level, price could eventually target further major resistance in the 1.3880 region.

4 Responses to “EUR/USD - Continued Bullishness”

on 15 Dec 2008 at 8:16 pm1bogdan

hi james…
the next resistance zone, just above the 1.3700 level and under 1.3900 should present a good short opportunity. things haven’t changed fundamentally and from a TA point of view makes a lot of sense shorting resistance.
on 15 Dec 2008 at 8:52 pm2James Chen

Great comment, as always, Bogdan. That could very well be the play to make, but we shall see what looks right if and when we hit resistance.

Thanks,
James Chen
on 16 Dec 2008 at 8:23 pm3bogdan

Ben is certainly not helping my view.. but in the mid-long term the buck shoould benefit from this push move if the economy shows signs of stability
on 17 Dec 2008 at 1:44 pm4James Chen

Hi Bogdan,

Yes, and price has just reached a 50% retracement of the prior downtrend, so there are indeed many traders currently looking for shorting opportunities. Thanks for your comments, Bogdan.

James Chen

Theme by Forex Street Powered by Wordpress

The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

FX Path

Subscribe

Categories

Archives

Recent Comments

Tags

FXstreet.com Weblogs

Links

4 Responses to “EUR/USD - Continued Bullishness”