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EUR/USD Head & Shoulders



EUR/USD (a 4-hour chart of which is shown) as of Friday (2/11/2011) has descended to key support in the 1.3500 price region, which is also in the approximate vicinity of the neckline of a clear head & shoulders chart pattern, as well as the 38.2% Fibonacci retracement of the last bullish trend run. Price is therefore at a critical juncture. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT