Price action on EUR/USD, a daily chart of which is shown, has just broken down swiftly below the key 1.2500 support level, establishing a new 18-month low and lending a significant additional bearish bias to this strongly downtrending currency pair. A continuation of the steep overall downtrend has now been confirmed, with price currently targeting a key downside support target in the 1.2300 price region. For more technical analysis on this currency pair, please click here for Friday’s (5/14/2010) Chart of the Day.
James Chen, CTA, CMT
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Hi Mr. Chen,
Nice Chart!
Thanks,
Pico