Forex Trading: EUR/USD Bearishness Approaches Key 1.3400 Support
Bearish price action on EUR/USD as of Monday (3/22/2010) morning New York session has continued its breakdown momentum below the bearish rising wedge pattern for the third day in a row. This occurs within the context of an overall downtrend that has been in place since early December. Currently, price is approaching key support in the 1.3400 price region. Any significant breakdown below this support would establish a new long-term low, confirm a downtrend continuation, and potentially target further downside support around the 1.3100 price region.
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