Chart of the Day – 1/07/2011 – EUR/USD

Filed in Gold Bullion prices, o, target, ubs by on January 7, 2011 0 Comments

1/07/2011 – EUR/USD – Price action on EUR/USD (a daily chart of which is shown) as of Friday (1/07/2011) on the heels of the Non-Farm Payrolls report dropped to a low of 1.2934, establishing a new 3-month low, before rebounding back up to waver around the key 1.3000 psychological support/resistance area. This occurs at the tail-end of a very bearish first week of 2011. Having dropped to the current lows, price action is on the verge of breaking down below the consolidative trading range that has characterized this pair since the beginning of December. Although EUR/USD is finding some general support at the current lows, the overall directional bias continues to be to the downside. Further downside momentum on this week’s marked bearishness could soon potentially target key downside in the 1.2600 price region, which would confirm a continuation of the bearish trend initiated from the early November 1.4280 high. James Chen, CMT Chief Technical Strategist FX Solutions IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. (Chart courtesy of FX Solutions’ FX

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Chart of the Day – 1/07/2011 – EUR/USD

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