Bearish price action on EUR/USD as of Wednesday (3/24/2010) morning New York session has finally broken down below the key 1.3400 support level, establishing a new 10-month low in the process. This support breakdown follows a clear breakdown of a bearish rising wedge pattern, and confirms a continuation of the strong downtrend that has been in place since the early December highs. As for a downside target, further key support below the now-broken 1.3400 level resides in the 1.3100 price region.
- James Chen, CTA, CMT
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