Chart of the Day - EUR/USD
EUR/USD (daily chart) as of Friday (6/10/2011) has continued its bearish stance of the last two days after attempting but failing to break 1.4700 to the upside earlier in the week. This continued bearishness now constitutes a bonafide breakdown of the steep uptrend that has been in place since late May. A key downside support target on this breakdown resides around the 1.4250 price region, which is not only an important prior support/resistance level, but also the 61.8% Fibonacci retracement level of the two-week bullish run from the lows around 1.4000 to the highs around 1.4700. In the event of continued bearish momentum that further breaks down below the noted 1.4250 support, the key downside target to watch is clearly around the 1.4000 psychological level, which has served as an exceptionally strong support/resistance level and price target in the recent past.
(Please click on the chart to enlarge. Chart key: price on 1st pane, Stochastics on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average in orange; 100-period simple moving average in brown; 200-period simple moving average in dark blue; Fibonacci levels in magenta and purple.)
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