EUR/USD Breaks Down Uptrend

Jun. 09, 2011 12:01 PM ET1 Comment
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James Chen, CTA, CMT is Director of Technical Research and Education at FXDD, a global leader in foreign exchange trading. He is also a registered Commodity Trading Advisor and a Chartered Market Technician. He is the author of the books, "Essentials of Foreign Exchange Trading" (John Wiley & Sons, 2009) and "Essentials of Technical Analysis for Financial Markets" (John Wiley & Sons, 2010), as well as author of the instructional video DVD set, "High-Probability Trend Following in the Forex Market" (FXstreet, 2010). Mr. Chen contributes daily and intraday technical analysis to key financial media, is a frequent speaker at trading seminars, and has authored numerous articles on forex trading strategies and technical analysis in major financial publications. He has been quoted by: - Reuters News - Dow Jones Newswires - The Associated Press (AP) - International Herald Tribune And his feature articles have been published in: - Forbes.com - Futures Magazine - Technical Analysis of Stocks and Commodities Magazine - Stocks, Futures and Options (SFO) Magazine - Forbes Media’s Investopedia - International Business Times - FX Street Mr. Chen graduated from Tufts University with a degree in social psychology, and has been a currency trader and market analyst since the inception of the retail forex market.


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
FXDD


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