6/02/2008 – EUR/USD – A sign has emerged that price action on the EUR/USD daily chart, as shown, has begun a potential correction to the downside after reaching the all-time high in late April. This sign is in the form of an unmistakable lower high that has formed within the last week. Together with the all-time high, this lower high forms the beginnings of what may become a significant downtrend resistance line (represented on the chart by the red line). Though price action is still considered to be stuck within a horizontal trading range (bounded by the top two yellow lines), the tentative downtrend resistance line ... (full story)