Substantially bearish price action on EUR/USD, a daily chart of which is shown, has once again descended to re-test the 10-month lows that were hit in late March (1.3266) and double-tested in early April (1.3281). The current re-test of these lows could either become a triple bottom low or turn into a key support breakdown scenario. In the event of the latter case, price will have finally confirmed a downtrend continuation. For more technical analysis on this currency pair, please click here for Thursday’s (4/22/2010) Chart of the Day.

James Chen, CTA, CMT

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