Daily Forex Update: EUR/USD

The intraday EUR/USD has broken the 1.3300 level, making a new 11-month low at 1.3259. (The last time prices traded at these levels: May 1, 2009.) The downtrend has formed a Falling Wedge pattern, with prices continuing to press down and make not only lower lows, but lower highs as well; these lower highs are the resistance that is currently keeping selling pressure on the EUR/USD. Prices are testing the Wedge’s resistance at 1.3290, just below the 1.3300 "big figure" level. If selling pressure holds here, look for the downtrend to resume.