10/22/2008 – EUR/USD – Drastically bearish price action within the last few days on the EUR/USD (a daily chart of which is shown) has continued the steep downtrend in the pair that has prevailed since the second peak of the long-term double top was reached in mid-July. Currently, the pair has reached a landmark two-year low with no convincing signs of any major near-term reversal. Although oscillators are indicating extremely oversold conditions, extreme oscillator readings such as what we are currently seeing may often be prolonged during strongly trending circumstances. Any continuing downward momentum should ... (full story)