EUR/USD (daily chart) as of Friday (7/15/2011) has once again resumed its bearish stance after making a bullish correction up to 1.4280, which was the level of the 100-period simple moving average. That bullish correction occurred after price action broke down below a large triangle pattern extending back to the May 1.4940 high, and then ultimately hitting a low this week at around 1.3835 with a hammer candle. After making the bullish correction and topping out with a shooting star candle, price action appears poised to continue its bearish bias. Downside support continues to reside around the key 1.4000 price level, ... (full story)