Technical Trading Tips and Techniques by 
Price action on EUR/USD, a daily chart of which is shown, continues to languish in consolidation despite a false upside breakout above the top (around 1.3700) of the current short-term trading range earlier in the week. The month of March could likely see continued bearishness for EUR/USD in line with the currently prevailing downtrend. Having just this week reached down to hit a new 9-month low just above 1.3400 support, price could potentially go on to target further support levels to the downside. For more technical analysis on this currency pair, please click here for Friday’s (3/05/2010) Chart of the Day.
- James Chen, CTA, CMT
* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
Hello Mr. Chen,
I greatly appreciate your analysis and would like to share with you what i’m seeing in the EURUSD. What do you think about the EURUSD to be close to reverse and start to rise?
I´m using trendline, harmonic pattern, fibonacci retracement, linear regression channel, equidistant channel and triangle pattern. Here is the chart:
http://clip2net.com/clip/m18812/1267912011-clip-28kb.png
Best Regards,
Pico.
pico certainly has a point..1.38 is within reach as a first bullish target, my 0.02$
Hi bogdan, thanks for your comment.
Hi Pico and Bogdan!
Your analysis is always welcome! I also have 1.38 as my upside resistance, however, I am still overall bearish on EUR/USD from a longer-term perspective until price action on my charts tell me otherwise. But many people are looking for possible upside reversals in EUR/USD. If and when I see solid signs of a reversal, I will post my view here. Thanks so much!
James Chen
Hi Mr. Chen,
Thank you so much for your comments, I like the way you view and react to the market.
Best Regards,
Pico.