Continued bearish price action on EUR/USD, a daily chart of which is shown, has broken down cleanly below the rising wedge pattern (a bearish formation) as noted yesterday. This breakdown follows on the heels of price being rejected by key resistance in the 1.3800 price region, and indicates that the overall downtrend in the pair is still firmly intact. The current bearishness off the wedge could target further downside support in the key 1.3400 price region, a breakdown of which would confirm a downtrend continuation.
- 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.
Euro / US Dollar | ||||
| Weekly | Daily | Hourly | ||
| Trends |  |  | | |
| Resistances | 1.3725 | 1.3695 | 1.3635 | |
| Supports | 1.345 | 1.354 | 1.359 | |
| Our strategy | ||||
| Entry | Stop | Target 1 | Target 2 | |
| 1.3615 | 1.365 | 1.355 | 1.35 | |
British Pound / Yen | ||||
| Weekly | Daily | Hourly | ||
| Trends | | | | |
| Resistances | 139.4 | 138.7 | 138.1 | |
| Supports | 136.4 | 136.6 | 137.5 | |
| Our strategy | ||||
British Pound / US Dollar | ||||
| Weekly | Daily | Hourly | ||
| Trends | | | | |
| Resistances | 1.539 | 1.5375 | 1.526 | |
| Supports | 1.498 | 1.509 | 1.521 | |
| Our strategy | ||||
Filed under Technical Analyses · Tagged with British, british pound, Dollar, DollarWeeklyDailyHourlyTrendsResistances, strategyFLAT
US Dollar / Canadian Dollar | ||||
| Weekly | Daily | Hourly | ||
| Trends | | | | |
| Resistances | 1.0235 | 1.0205 | 1.0175 | |
| Supports | 1.009 | 1.012 | 1.015 | |
| Our strategy | ||||
