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EUR/USD Resumes Bearish Trend Bias

EUR/USD (daily chart) as of Friday (9/30/2011) has begun a resumption of its bearish stance after making a bullish correction within the context of a strong and steep breakout downtrend. This new downtrend has its origins at the early September breakdown below a key wedge pattern and then below the 1.4000 price region, which represented a confluence of three important support factors. For more EUR/USD forex technical analysis, please click here.

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