Price action on EUR/USD (a daily chart of which is shown) as of Friday (4/15/2011) has dropped after a week of consolidating just under key 1.4500 resistance but ultimately being unable to breakout significantly or close above that important resistance ceiling. The current drop could be a part of an overdue pullback/correction within the strong bullish trend that has been in place since the beginning of the year. For more technical analysis on this currency pair, please click here for Friday’s (4/15/2011) Chart of the Day.
James Chen, CTA, CMT
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