EUR/USD broke under the long-term uptrend support line that began at its year to date low on June 7th and extended up to now. A sharp fall sent the pair significantly lower. The move still needs to be confirmed. Update on the breakout Update 9:55 GMT: EUR/USD is now at 1.2710. Click on the graph to enlarge it. Earlier in the week, EUR/USD made an attempt for the 1.2722 support line, that capped the pair at the beginning of July. This support line held strong, and the pair returned to trade in a range between 1.2780 and 1.2930, usually at narrower ranges. The long term uptrend support starts on June 7th, when the pair reached a year-to-date low of 1.1876. It was then formed on three consecutive days – June 29th, June 30th and July 1st – as EUR/USD traded around 1.22. It then climbed high above this line and approached it again only on this Monday, August 16th, when it reached 1.2734, just 5 pips above the uptrend support line, when James Chen explained how the pair respects this line. As time passed by during the week, the uptrend support stood on 1.2797 on the daily chart. EUR/USD flirted with this line earlier, and then made a sharp move under it. Euro/Dollar now stands on 1.2747. In order for this move to be confirmed, the pair needs to breach the flat support line of 1.2722. The move can be very violent. On both sides of the Atlantic, no indicators are released. There are no other news. The market digests the global slowdown, and the technicals play an important role on today’s move. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Forex News share Read Next Stand Out And Prosper Or Conform And Fail Yohay Elam 11 years EUR/USD broke under the long-term uptrend support line that began at its year to date low on June 7th and extended up to now. A sharp fall sent the pair significantly lower. The move still needs to be confirmed. Update on the breakout Update 9:55 GMT: EUR/USD is now at 1.2710. Click on the graph to enlarge it. Earlier in the week, EUR/USD made an attempt for the 1.2722 support line, that capped the pair at the beginning of July. This support line held strong, and the pair returned to trade in a range between 1.2780 and 1.2930, usually at… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
