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EUR/USD Recovers From Correction

EUR/USD (a daily chart of which is shown) as of Monday (1/31/2011) has recovered much of the losses it suffered on the last day of last week, when the pair made a corrective drop after hitting a high at 1.3756. As long as a breakdown below key support at 1.3500 does not occur, which has not occurred as of yet, the short-term uptrend that has been in place for the last three weeks should continue to be intact. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT