Price action on EUR/USD, a daily chart of which is displayed, has shown strong signs of ending, or at least seriously interrupting, the strong uptrend that has prevailed in the pair since the March lows. The pair has not only made a bonafide breakdown of the steep uptrend support line that has been in place for much of the year, it has also just made a tentative breakdown below key support in the 1.4800 price region, establishing a new 1-month low in the process. For more technical analysis on this currency pair, please click here for Tuesday’s (12/08/2009) Chart of the Day.
- James Chen, CTA, CMT
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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