EUR/USD (daily chart) as of Thursday (10/13/2011) has turned down from key resistance in the 1.3830 price region. This occurs after more than a week of strongly bullish price action that has formed a significant bullish correction within the context of the new overall downtrend that has been in place since the breakdown below 1.4000 in early September. The 1.3830 resistance level, which was just hit on Wednesday before turning back down in Thursday’s trading, has served as a key support/resistance level in the recent past. If price action continues its bearish stance after having turned down from this resistance, the ... (full story)