By
James Chen |
Technical Analysis | Aug 11, 2010 03:44PM GMT |
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.
James Chen, CTA, CMT
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