Chart of the Day - 8/25/2008 - EUR/GBP
8/25/2008 – EUR/GBP – Price on the EUR/GBP pair (a daily chart of which is shown) has reached the very top resistance line of a large symmetrical triangle consolidation that has been forming since late March. Each side of this triangle (represented on the chart by the yellow converging lines) has been touched by price around three times during the triangle’s life. Now that price action has reached the top of the triangle once again, oscillators like the displayed Stochastics are indicating severely overbought conditions, but not yet turning down. In the event that price turns down at or near triangle resistance, clear support to the downside resides around the bottom of the triangle. A clean breakout of triangle resistance, on the other hand, should target immediate further resistance around the 0.8030 region.
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