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EUR/USD (a daily chart of which is shown) as of Friday (8/13/2010) has just reached down to touch 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 uptrend line has defined a steep 2-month bullishness that has boldly defied the equally steep bear market of the six prior months. Now that price has reached back down to touch this uptrend line once again, questions are quickly arising as to the continued viability of this uptrend. For more EUR/USD technical analysis, please click here.

James Chen, CTA, CMT