| EUR/GBP - Bounce off Strong Support within Strong Downtrend Posted: 08 Jun 2010 08:32 AM PDT  Price action on EUR/GBP, a daily chart of which is shown, dropped down to key support in the important 0.8200 price region, a new 18-month low, before making a bounce as of Tuesday (6/08/2010) morning New York session. This occurs within the context of a steep and accelerated overall downtrend extending from the March highs. The steepness of this downtrend highlights the fact that the euro has been significantly more bearish against the dollar than sterling has in the past several months. For more technical analysis on this currency pair, please click here for Tuesday’s (6/08/2010) Chart of the Day.
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