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EUR/USD Heading for 1.4500, Correction Due

EUR/USD (a daily chart of which is shown) as of Friday (4/08/2011) has risen dramatically to approach its 1.4500 upside resistance target, establishing a new 14-month high in the process. This occurs within the context of a strong and steep bullish trend that has been in place since the beginning of the year, and confirms an uptrend continuation. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT