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EUR/USD Respects 1.4000, Forms Triangle

EUR/USD (a 4-hour chart of which is shown) as of Monday (11/01/2010) has been entrenched within a converging consolidation for several weeks now. This consolidation has now taken the form of a symmetrical triangle, after having respected 1.4000 area resistance to begin this new trading week. This triangle highlights the directional indecision that has characterized much of the forex market recently. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT