EUR/USD Channel Line

November 27th, 2009

A long term perspective may be taken with an existing channel line and an opportunity for entering the market may exist for the EUR/USD pair.

The original trend line (1) has been drawn, connecting with yesterday’s closing price of 1.4732. A parallel channel line (2) has been drawn from the prominent peak of 1.3630. Notice the pair has dropped down to the original trend line at yesterday’s close and is now proceeding upward. This may present an opportunity for entering into the market with a new long position.

source: forexyard.com