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EUR/USD Bullish Correction within Downtrend on NFP

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 EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT