Technical Trading Tips and Techniques by 
Price action on EUR/USD, as shown on the accompanying 4-hour chart, has made a bullish retracement as of Thursday (4/23/2009) morning, but was tentatively rejected by strong resistance in the 1.3100 support/resistance price region. The overall technical bias at this point is still bearish, and the current bullish correction exists within the context of a longer-term downtrend. To the downside, the event to watch for would be a breakdown below the last swing low in the 1.2900 region, in which case further support resides around the 1.2750 area. In the event of a further bullish retracement that actually breaks out above 1.3100, major upside resistance resides around the 1.3300 region.
UPDATE: As of late afternoon New York session on Thursday (4/23/2009), price has reached back up to poke its head tentatively above the 1.3100 support/resistance region.
UPDATE 2: As of Friday (4/24/2009) morning, the bullish retracement has extended dramatically and has closely approached the noted 1.3300 resistance by just a few pips before retreating back down.
nice work!
Thanks, Jackie!