| EUR/USD - Rising Wedge Bearish Pattern within Downtrend Posted: 18 Mar 2010 08:36 AM PDT  Price action on EUR/USD, a daily chart of which is shown, has formed a rising wedge pattern within the context of an overall downtrend extending from the early December high. This rising wedge occurs after price was once again rejected by 1.3800 resistance, and is a potentially bearish formation that is contingent upon a significant break to the downside. For more technical analysis on this currency pair, please click here for Thursday’s (3/18/2010) 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 - Bearish After Rejection by 1.3800 Resistance Posted: 18 Mar 2010 07:30 AM PDT  Bearish price action on EUR/USD as of Thursday (3/18/2010) morning New York session has brought price down substantially after being rejected around the key 1.3800 resistance on Wednesday. Because price was unable to breach 1.3800 in any significant manner, EUR/USD still remains very much within the context of an overall bearish trend. Upside resistance within the context of this downtrend continues to reside around the 1.3800 area, while the key downside level to watch is 1.3400, a breakdown of which would confirm a downtrend continuation for the pair.
- 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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