Apr 16, 2010

FX Path

FX Path

EUR/USD - Bearishness Fills Gap

Posted: 16 Apr 2010 08:47 AM PDT

Bearish price action in the last two days on EUR/USD, a daily chart of which is shown, has finally filled the substantial price gap that occurred in the very beginning of the trading week. This gap fill raises the possibility that a bearish stance within the current overall downtrend may once again come back into play after the double-bottom and bullish correction that were established late last week. For more technical analysis on this currency pair, please click here for Friday’s (4/16/2010) 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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