Open an Account Practice Account Account Funding Account Type Login Information
GTS Platforms Forex Spot Metal Automated Execution
Why Trade Forex Why FX SolutionsEducation Center Charting Fundamental Analysis Economic Calendar Forex Glossary FAQs
Company Profile Management Team Investors Company News Policy Statements
White Label Partnerships Introducing Brokers Institutional Trading Solutions Company Profile
Contact Us Account Forms NFA Announcements Consultants Live Chat TechNotes

Chart of the Day

More Articles >

EUR/GBP Daily Chart — September 30, 2009

By James Chen , Published: 9/30/2009
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

9/30/2009 – EUR/GBP – Price action on EUR/GBP, a daily chart of which is shown, has made a minor bearish correction within a steep overall uptrend. This occurs after price hit an approximate 6-month high around 0.9300 with a clear shooting star candle (a bearish indication) earlier in the week. As of Wednesday (9/30/2009), the bearish retracement has descended down to a strong support/resistance level in the 0.9075 price region before bouncing back up. The current steep uptrend has been in place since the August lows. Any substantial breakdown below the noted 0.9075 region could threaten this uptrend and hint at a potential trend reversal off the shooting star formation. If, however, price is able to breakout above the 0.9300 high, confirming an uptrend continuation in the process, the key upside resistance target clearly resides around the 0.9500 resistance region.

To download the latest version of FX AccuCharts
please click here: Download FX AccuCharts
 
James Chen, CMT
Chief Technical Strategist,
FX Solutions

*IMPORTANT NOTICE: The information contained herein is solely for informational purposes and should not be construed as trading advice. FX Solutions ("FXS") believes that the information contained herein is accurate however, FXS cannot guarantee the accuracy of said materials. Under no circumstances shall FXS have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance in connection with the collection, compilation, analysis, interpretation, editing, transcription, transmission, communication, publication or delivery of such information, or (b) any direct, indirect, compensatory or incidental damages whatsoever (including without limitation, lost profits) resulting from the use of or inability to use any such information. The charts and other opinions constituting the information contained herein are, and must be construed solely as statements of opinion and not statements of fact, recommendations and/or trading advice. FXS cautions that no single source of information should be used when making trading decisions. Click here for more information.