Although recent price action in the last few weeks has threatened on numerous occasions to break the longstanding uptrend in EUR/USD (a daily chart of which is shown), this currency pair continues to salvage the trend by recovering at the last moment with short bursts of bullishness. The current uptrend has been in place since the March lows, and price just hit a new 15-month high last week before reverting back to the area of the uptrend support line (and the 50-day moving average, which has served well as uptrend support for several months now). For more technical analysis on this currency pair, please click here for Tuesday’s (12/01/2009) Chart of the Day.
- James Chen, CTA, CMT
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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