Price action on EUR/USD (a daily chart of which is shown) as of Friday (4/29/2011) has continued its strong bullishness, establishing a new 16-month high, without having made much of a pullback or retracement since breaking out above the 1.4500 prior resistance level last week. This continued upside surge extends and even accelerates the steep uptrend 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 (4/29/2011) Chart of the Day.
James Chen, CTA, CMT
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