Forex technikal and fundamental analysis: FX Path

Oct 26, 2010

FX Path

Posted: 26 Oct 2010 08:49 AM PDT

Price action on EUR/USD (a 4-hour chart of which is shown) as of Tuesday (10/26/2010) has broken down below a rising wedge consolidation pattern. This occurs after price action broke down below a steep parallel uptrend channel in mid-October. Since that channel breakdown, the pair has been unable to rise enough to re-test its 1.4157 long-term high. For more technical analysis on this currency pair, please click here for Tuesday’s (10/26/2010) Chart of the Day.

James Chen, CTA, CMT

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