November 13, 2009 11:47 AM
EUR/USD - Bearish Correction within Uptrend
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Price action on EUR/USD, a daily chart of which is shown, has corrected back down to an uptrend support line after falling short of re-testing the 14-month high just above 1.50. Until a significant downside breach of this support trendline occurs, this currency pair is still very much in uptrending mode. The key upside level to watch is still in the region of the 1.5060 long-term high, as any significant breakout above this level would confirm a continuation of the uptrend that has been in place since March. For more technical analysis on this currency pair, please click here for Friday's (11/13/2009) Chart of the Day.
- James Chen, CTA, CMT
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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- ZEW comments
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- UK CPI Jan (y/y) 3.6% as expected.
- German economics ministry says OECD expects German GDP to rise 0.4% in 2012.
- French Prelim Non-Farm Payrolls (Q4) -0.2%, as expected.
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