EUR/USD – A Technical View (by Alex)

By -

A lot a people believe that EUR/USD in the key to US stock market right now. So lets see where we stand-from big picture -down to our current distribution (last 7-8 days).We definitely are at a key resistance area now. 


Now let's go down to the current distribution and compare it to August 2008 distribution (that was last time the market traded at these prices) to get some clues. 


The chart says it all. Looks like a mirror image. Please note how the market quickly rejected prices highlighted in green in august 2008. But this time we also need to consider that we have a lot of support (volume traded) below.

Hope you find this interesting, and thank you Tim for letting me to post this.