1/05/2009 – EUR/USD – On the first day of the first full week of 2009, price action on the EUR/USD pair, a daily chart of which is shown, has made a bold statement regarding the remarkably rapid uptrend that was in place during the month of December. It is indicating that the uptrend could very well have been merely a substantial, but normal, upside retracement within the context of a potentially continuing downtrend in the pair. The magnitude of the retracement move within such a short period of time can be attributed to thin seasonal liquidity with a resulting high volatility. Indeed, December’s dramatic bullish ... (full story)