Price action on EUR/USD, a daily chart of which is shown, has just reached a new 14-month high, and has stalled around yet another resistance level (just under the 1.5000 price region), within the context of a strong continuing uptrend. This uptrend is framed by a clear parallel uptrend channel that has been firmly in place since the March lows. The overall trend and directional bias continue to be bullish, although the short-term uptrend since the beginning of this month has been excessively steep. For more technical analysis on this currency pair, please click here for Tuesday’s (10/20/2009) Chart of the Day.
- James Chen, CTA, CMT
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX
Technical Trading Tips and Techniques by 
