Price action on EUR/USD, a daily chart of which is shown, has respected key resistance in the 1.3400 price region within a strong overall downtrend, and has dropped back down to re-test strong support just above the 1.3250 region. This occurs after price has consolidated within the past couple of days between these two support/resistance areas. The directional bias from a technical perspective continues to be bearish in line with the overall downtrend in the pair. For more technical analysis on this currency pair, please click here for Tuesday’s (4/27/2010) Chart of the Day.

James Chen, CTA, CMT

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