| GBP/USD - Bearish Turn Within Downtrend Posted: 15 Mar 2010 08:47 AM PDT  Bearish price action on GBP/USD, a daily chart of which is shown, as of Monday (3/15/2010) morning New York session, has erased much of the gains that the pair made late last week. On Friday after having reached 1.5200 resistance, which represented the upper border of an inverted pennant formation that was broken to the downside earlier in the week, price was rejected at that level in the beginning of this trading week, and now potentially appears poised to continue its bearish momentum. For more technical analysis on this currency pair, please click here for Monday’s (3/15/2010) Chart of the Day.
- James Chen, CTA, CMT * For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here. 
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| EUR/USD - Pulled Back from 1.3800 Posted: 15 Mar 2010 07:02 AM PDT  Price action on EUR/USD as of Monday morning (3/15/2010) New York session has pulled back substantially after reaching a high late last week approaching key resistance in the 1.3800 price region. 1.3800 continues to provide strong resistance for the pair. Any subsequent breakout back above that level would place the current overall downtrend at risk of trend change. For now, however, the current pullback keeps the downtrend in place. The downside level to watch continues to be the 1.3400 price region, a breakdown of which should confirm a downtrend continuation.
- James Chen, CTA, CMT * For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here. 
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