Price action on EUR/USD has descended down to a key point of support confluence. This confluence is made up of a crossing of two trendlines. For more technical analysis on this currency pair, please click here for Wednesday’s (7/29/2009) Chart of the Day.
UPDATE: As of Wednesday (7/29/2009) mid-session in New York, price action has tentatively broken down well below the above-mentioned support confluence, as well as the 1.4050 support/resistance region.
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“any subsequent breakdown below that level could target yet further strong support in the 1.3830 support/resistance price region.”
when you say subsequent breakdown what do you mean? 10,20, 50 pips or more?
thnx