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EUR/USD Bullish Bounce

EUR/USD (a daily chart of which is shown) as of Wednesday (2/09/2011) has continued upward momentum after its bounce off of 1.3500 support that occurred in the beginning of the week. This bounce was at the 38.2% Fibonacci retracement level of the prior bullish run, and further reinforces the 1.3500 level as the most important current support/resistance level for the EUR/USD. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT