Nov 12, 2010

FX Path

FX Path

EUR/USD - Bearish Correction to Key Fib Level

Posted: 12 Nov 2010 08:58 AM PST

Price action on EUR/USD (a daily chart of which is shown) as of Friday (11/12/2010) has made a bearish correction down to a key 38.2% Fibonacci retracement of the last major bullish run (from the late August low to the early November high). This correction occurs after price hit a 9-month high at 1.4280 just last week. EUR/USD is still heavily entrenched within an unmistakable overall uptrend originating from the June lows. For more technical analysis on this currency pair, please click here for Friday’s (11/12/2010) 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.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.
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