| EUR/USD - Bullish Correction in Strong Downtrend Posted: 21 May 2010 08:02 AM PDT  Price action on EUR/USD, a daily chart of which is shown, has made a significant bullish correction during the latter half of this week to hit the week's high at 1.2670 (as of Friday morning, 5/21/2010, New York session). This occurs within the context of a strong overall downtrend in the pair, and after price hit a 4+ year low at 1.2142 in the middle of the week. Despite the current bullish correction, the technical outlook on EUR/USD continues to be bearish in line with the strong overall downtrend. For more technical analysis on this currency pair, please click here for Friday’s (5/21/2010) 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.
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