EUR/USD Majors In Consolidation

New York London GMT Tokyo Singapore

EUR/USD Majors In Consolidation

By James Chen on April 16, 2009 | More Posts By James Chen | Author's Website

Price action on the majors as of Thursday (4/16/2009) morning, as shown on the accompanying EUR/USD daily chart, continues to consolidate in a relatively tight range. On EUR/USD, this consolidation is taking place just below a long-term downtrend resistance line extending from the second test of 1.6 back in July. The lower border of the consolidation appears to be around the 1.3100 support region. Any significant breakdown below 1.3100 should quickly meet further support around 1.3000. And any breakdown below this latter level would be a substantially bearish indication that could target March lows. To the upside, the noted long-term downtrend resistance line should continue to provide strong dynamic resistance for the pair.

Check Out These Related Posts:

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend

Recent News:

Consumer Confidence Shows Unexpected Improvement In November - 3 mins ago
Stocks Moving Moderately Lower Following Economic Reports - U.S. Commentary - 11 mins ago
Annual Rate Of Decline In Home Prices Shows Continued Slowdown In September - 39 mins ago
Consumer Confidence Index Jumps To 49.5 In November - 46 mins ago
*Consumer Confidence (November) 49.5 - 56 mins ago

Opinions From Our Contributors

Commodities Silver ETFs: More Gains To Come? Oil Seems Like It’s Going Nowhere… But The Story Is Very Different Below The Surface Distorted IEA Oil Reserve Figures Create Biofuel Opportunities In “White Gold” Region Of Central Asia The Simplest Reason Gold Will Soar Physical Gold, Silver And Oil Out-Performing Their Stocks? Silver Hits New Highs At Top Of Uptrend Channel Gold Has Just Barely Entered The Gravity-Free Zone More Than Just Mines: A Look At Other Ways To Profit From Coal, Copper And Ore China Owns The Heavy Stone Has Gold Just Broken Out Of Its Trend Channel? Read More »	Financials Stock Market Briefs: Twitter May Consider IPO, Tyson Foods Beats Estimates Don’t Count Out Actively Managed ETFs U.S. Bank Failures Reach 124 Financial ETFs Still Remain Vulnerable Ron Paul Thinks That Fed “Oversight Is Laughable” Buffett Borrows For Rail Acquisition Investment Ideas: Here Are 3 Dirt Cheap Stocks Treasury To Auction TARP Warrants Dear Reader, We Cannot Criticize Goldman Sachs. Instead, We Admire It 2010 Outlook For The US Banking Industry Read More »	Exchange Traded Funds Why Agriculture ETF Outlook Appears Promising Is Low Interest Creating A Sovereign Debt Bubble? Protect Yourself Against An Imminent Stock Market Correction Japan ETFs: The New War They’re Waging India ETFs: Too Much, Too Soon? ETF Update: Health Stocks And Health Care Legislation Biggest Gainer ETFs For The Week Ended 22 Nov What You Should Know About Precious Metals ETFs And Taxes Main Street Vs. Wall Street: Using ETFs To Capitalize Why You Should Watch This Leisure & Entertainment ETF Read More »
Stocks Stocks To Watch Tuesday: Curis, Cell Therapeutics, Qwest Indian Stock Markets: Sensex Down 49.10 On Tuesday Can The Retail Sector Rouse The Recovery? Stock Charts For Tuesday: S&P 500, Nano, Hertz A Different Look At Recent Breadth Divergences In The NYSE Insider Selling Can Be An Important Tool In Determining Potential Trouble For Both Individual Stocks And The Broader Market Stock Picks For Tuesday: Curis, THQ And DryShips Buy Microsoft Stock As It Transits Into The Cloud-Computing Revolution Chart Of The Week: No More Easy Money For Volatility Sellers? 2009 Best Small Companies Part 3 Read More »	Forex Watching EUR/USD At The 1.4945 Level Where 100 & 200 Bar Moving Averages Converge Tuesday’s Forex Outlook EUR/USD Lower In Asia Trading Forex Trading Ideas: Is Sterling About To Get Pounded? AUD/USD Loses Momentum After Testing The 200-Hour Moving Average Fed Comments Revive Risk Appetite, Sending US Dollar Lower Structural US Dollar Weakness Persists Australian Dollar: Caution Canadian Dollar: Caution Forex Traders Await Tuesday’s German IFO Report Read More »	Economy With T-Bill Yields At Zero, It’s Time To Beware Of The “Bond Bears” U.S. Economy Will Grow Faster Than Expected, Jobs To Return To Growth Next Year, Economists Say Government Debt - The New Subprime? Heeding The Populist Call Here’s A Sector To Short Cartoon: This Unemployment Line Seems Different 29 Retailers You’ll Have A Harder Time Finding After 2009 Emerging Markets Consider Capital Controls To Combat “Hot Money” Inflows Despite Recession, Innovation Is Alive And Well What Is Ron Paul’s Real Agenda When He Talks About Auditing The Fed Read More »