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EUR/USD Still in Uptrend, Preparing for Non Farm Payrolls |
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Technical Archives |
Written by FX Solutions |
Aug 05 10 21:12 GMT
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EUR/USD Still in Uptrend, Preparing for Non Farm Payrolls
Price action on EUR/USD (a 4-hour chart of which is shown) as of Thursday (8/05/2010) has consolidated in a sideways trading range pattern since reaching a 3-month high at 1.3260 on Tuesday. This occurs within the context of a strong and relatively steep accelerated uptrend channel that extends back to the late June low. Currently, price is near the bottom of this parallel uptrend channel, and appears to be consolidating in preparation for the NFP numbers on Friday. In the event of a break of this consolidation to the upside above the noted 1.3260 high, a clear upside resistance target resides in the 1.3400 price region, a prior support/resistance level as well as a 138.2% Fibonacci extension of a prior bullish run to 1.3026. To the downside, in the event of a breakdown below key support at 1.3100, price should initially target key psychological support in the 1.3000 price region.
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(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.) |
