As of the beginning of this new month, the technical bias for the month of June 2010 appears to be indicating further potential bearishness for the pair. Short-term support in the 1.2150 price region has just been broken significantly to the downside, completing a descending triangle bearish continuation pattern and approaching key support in the 1.2000 price region. For more technical analysis on this currency pair, please click here for Friday’s (6/04/2010) Chart of the Day.
James Chen, CTA, CMT
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