Price action on EUR/USD, a daily chart of which is shown, has established a rough and tentative double bottom low in the 1.2140-50 price region. This has established a strong support level to watch for any breakdowns within the context of the strong current downtrend. Any breakdown of this key double-tested price region should target immediate further downside support in the psychologically-important 1.2000 price region. For more technical analysis on this currency pair, please click here for Friday’s (5/28/2010) Chart of the Day.
James Chen, CTA, CMT
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