Forex4you's Blog – September 2011 Archive (2)

EUR/USD: Technical Analysis

The euro-dollar could bounce after finding support from an old trend-line from the May highs. Both momentum indicators are over-sold but there are no other major reversal signs yet. A small double-bottom on the 10 minute chart on the S2 daily pivot may start the counter trend rally, with the first upside target at 1.4170 and then if it extends to fill the gap a continuation to the upper channel line of the descent at 1.4205. A deeper…

EUR/USD: Technical Analysis

The euro-dollar has continued falling. It seems to have slowed at the 1.4220 level and formed a loose double bottom formation. There is marked convergence with momentum at the lows. There are indications of a possible imminent rise in the exchange rate. This might reach the 1.4290 – 1.4300 level. After that the larger trend down could resume, targeting 1.4150 next.…