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Trading remained relatively quiet on Monday due to public holidays in the US and Asia.  The EURUSD has been in a downtrend since Q2 2009 and made a 9 month low (1.3532) on Friday.  The Euro which has already lost over 5% this year may start to consolidate as we approach the 62% retracement point of 1.3483 from the December highs.  The chart shows a declining channel that has formed over the last month; a break below the key retracement level may signal a continuation of this bearish pattern.