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EUR/USD Plummet Pulls Back Around 50% Retracement, Still Bearish

EUR/USD (daily chart) as of Monday (6/13/2011) has pulled back after dropping precipitously for three consecutive days last week from the 1.4700 area highs. This bullish pullback occurs after a low of 1.4320 was hit, which is just under the 50% Fibonacci retracement level of the last major bullish run. For more EUR/USD forex technical analysis, please click here.

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