Price action on EUR/USD (a daily chart of which is shown) as of Friday (1/07/2011) on the heels of the Non-Farm Payrolls report dropped to a low of 1.2934, establishing a new 3-month low, before rebounding back up to waver around the key 1.3000 psychological support/resistance area. This occurs at the tail-end of a very bearish first week of 2011. For more technical analysis on this currency pair, please click here for Friday’s (1/07/2011) Chart of the Day.
James Chen, CTA, CMT
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