Price action on EUR/USD (a 4-hour chart of which is shown) as of Monday (8/16/2010) has made a pronounced bounce off a key uptrend support line extending from the very beginning of the currency pair’s most recent prolonged bullish run, the 1.1875 4-year low hit on June 7. This rather precise bounce, which occurred just above 1.2700 support, highlights the strong dynamic support provided by the trendline. For more technical analysis on this currency pair, please click here for Monday’s (8/16/2010) 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.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.
Technical Trading Tips and Techniques by 
