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EUR/USD Breaks Down Uptrend

6/09/2011 – EUR/USD (a daily chart of which is shown) as of Thursday (6/0 9/2011) has tentatively broken down below a confluence of two support factors — a key psychological support/resistance level at 1.4500 and a steep uptrend support line extending back to the late-May lows around 1.4000. After making the tentative breakdown,  price action pulled back up slightly above the 1.4500 level once again. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education