Forex Technical Analysis (2010/06/28) EUR/GBP Bearishness Extends Downtrend, New 19-Month Low
(Please click on the forex chart thumbnail to enlarge)
6/28/2010 Forex Technical Analysis (FXpath.com) – EUR/GBP, a daily chart of which is shown, has just further extended its fall within the prevailing downtrend, breaking down below strong support, as last week’s EUR/GBP analysis indicated might be the case. In breaking down below key 0.8200 support on Monday (6/28/2010), price action has established a fresh 19-month low, has confirmed a continuation of the strong overall downtrend, and currently looks to be targeting key further support in the psychologically-important 0.8000 price region. After the noted support breakdown, tentative upside resistance within the currently prevailing downtrend now resides around the broken 0.8200 price region.
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
James Chen, CTA, CMT (bio)
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