| EUR/USD - Bearish Breakdown Within Downtrend Posted: 06 Apr 2010 07:58 AM PDT  Price action on EUR/USD, a daily chart of which is shown, has once again tentatively broken down below a countertrend bullish retracement and the key 1.3400 support/resistance level in its bid potentially to continue the strong downtrend that has been in place since the early December high. Since that high, this currency pair has been characterized by short-term bullish retracements and consolidations followed by substantial breakdowns in the direction of the overall downtrend. For more technical analysis on this currency pair, please click here for Tuesday’s (4/06/2010) 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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