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EUR/USD - Chart of the Day
Posted on March 24, 2010 at 15:36 in Analysis by James Chen

Price action on EUR/USD, a daily chart of which is shown, has displayed a strong bearishness in line with the overall prevailing downtrend, establishing a new 10-month low in the process and confirming a downtrend continuation. After the key 1.3800 resistance was tested and respected several times last week, price broke down below a well-formed bearish rising wedge pattern. After that breakdown, continued bearish price action followed through to break down tentatively below the important 1.3400 support region as of Wednesday (3/24/2010). For more technical analysis on this currency pair, please click here for Wednesday’s (3/24/2010) Chart of the Day.

- James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

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