Price action on EUR/USD, a 4-hour chart of which is shown, has consolidated once again within the context of a strong downside move. After the uptrend breakdown that occurred in the beginning of the month, this currency pair has been characterized by repeated consolidations and then breakdowns of those consolidations. The bearish bias in the pair continues to dominate as price continues to make lower highs and lower lows. For more technical analysis on this currency pair, please click here for Tuesday’s (12/22/2009) 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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I think you are right but can we say that weaker bonds make USD value lower
Hi Muhammad,
Thanks, as always, for your comments and for visiting this blog!
James Chen