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EUR/USD Corrects to Key Trendline



EUR/USD (a daily chart of which is shown) as of Wednesday (11/24/2010) has finally corrected all the way back down to a key uptrend support line extending from the June low at 1.1875. The current drop has established a new 2-month low for the pair. In the process, price also briefly breached key support around 1.3300. Having reached this confluence of support (1.3300 and the uptrend line), price has reached a critical juncture. For more EUR/USD technical analysis, please click here.

James Chen, CTA, CMT