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EUR/USD Leaning Toward Uptrend Breakdown

EUR/USD (a daily chart of which is shown) as of Wednesday (3/30/2011) has continued its net bearish corrective stance that has been in place for about a week, since the 1.4247 high was reached early last week. This bearishness began as just a bearish correction within the context of a strong uptrend extending back to the beginning of the year. Currently, however, price action appears to be on the verge of leaning towards a potential trend change to the downside. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT