| EUR/USD Reversal Potential Posted: 11 Aug 2010 09:09 AM PDT  Price action on EUR/USD (a 4-hour chart of which is shown) as of Wednesday (8/11/2010) has dramatically furthered its fall after this week's bearish breakdown of the uptrend channel that has been in place since late June. In the process, price has established a new 2+ week low. After breaking down below the noted parallel uptrend channel, price action briefly retraced back up to the channel's lower border on news, but then plunged soon after and broke down below several key support levels. For more technical analysis on this currency pair, please click here for Wednesday’s (8/11/2010) 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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