FX Path

EUR/USD - Consolidating Near Bottom of Two Uptrend Channels

Posted: 03 Sep 2009 09:37 AM PDT

Price action on EUR/USD has recently been in a continuing consolidation within the context of two parallel uptrend channels. The larger of the two channels extends from the beginning of the year, while the smaller one extends from early June. Currently, price has found some support near the bottom portions of both these channels, and has also found some support around the 50-day simple moving average. For more technical analysis on this currency pair, please click here for Thursday’s (9/03/2009) Chart of the Day.

- James Chen, CTA, CMT

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