EUR/USD : UpTrend Over

• Last 1.4564. Worries about debt/deficits (Greece, Austrian banks).
  
• Uptrend since Mar09 over. Does not necessarily mean new downtrend yet (although likely, in my view), but certainly selling into rallies is the more rewarding technical stance.
• Monthly : Big reversal monthly candlestick in the making. Will take a Dec09 close above, say, 1.4850 to negate this outlook. Unlikely - though never say never in this business.
  
• Weekly : Trade back below Dec08 spike top at 1.4719 makes this current dip below the established uptrend line very significant.
  
• Daily : Internals = impulsive down, then flag, impulsive down, then flag. Lather, rinse and repeat. Looks good. Bears in control and market still long. Keep selling the anticipated top of bear flags and add on break of the bottom of flags. And keep locking in partial profits after large black candles.
• Addendum 18Dec09 12:16 am : Took partial profits. Bought back at 1.4338.