EUR/USD (a 4-hour chart of which is shown) as of Tuesday (8/10/2010) Asian session has tentatively broken down below a key parallel uptrend channel that has been in place since the late June 1.2150 low. This breakdown occurs after price hit a high of 1.3332 late last week. This uptrend channel has defined much of the bullishness that has characterized this currency pair for the last three months. For more EUR/USD technical analysis, please click here.

James Chen, CTA, CMT