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EUR/USD Approaches Critical Support

EUR/USD (a daily chart of which is shown) as of Monday (2/07/2011) descended all the way back down to approach key support in the 1.3500 price region, by just 7 pips, before rebounding. This places the pair at a critical technical juncture. The 1.3500 level currently represents a very important boundary separating the EUR/USD bulls and bears. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT