Price action on EUR/USD (a 4-hour chart of which is shown) as of Friday (12/03/2010) has made a bullish correction on the heels of the Non-Farm Payrolls report that has brought price up to around the 50% Fibonacci retracement level of the most recent bearish run of late November. This occurs within the context of a parallel downtrend channel extending from the early November high around 1.4280, that continues to be valid for the time being. For more technical analysis on this currency pair, please click here for Friday’s (12/03/2010) Chart of the Day.
James Chen, CTA, CMT
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