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Forex Trading Technical Analysis (2010/08/16) EUR/USD Respects Bullish Trend

EUR/USD (a 4-hour chart of which is shown) as of Monday (8/16/2010) has made a pronounced bounce off a key uptrend support line extending from the very beginning of the currency pair’s most recent prolonged bullish run, the 1.1875 4-year low hit on June 7. This rather precise bounce, which occurred just above 1.2700 support, highlights the strong dynamic support provided by the trendline. For more EUR/USD technical analysis, please click here.

James Chen, CTA, CMT