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EUR/USD In Retreat From 1.40

EUR/USD (a daily chart of which is shown) as of Tuesday (3/08/2011) has retreated substantially after slightly surpassing, but failing to make a daily close above, the key 1.4000 resistance and psychological level. After making a high at 1.4034 in early Monday trading, but ending up the day closing well below 1.4000, price dropped significantly in early Tuesday trading to re-approach to the downside the prior high of 1.3860 hit in early February. For more EUR/USD technical analysis, please click here.

James Chen, CTA, CMT