Forex4you Technical Analysis 21 June 2011

EUR/USD: Technical Analysis

There is growing evidence the counter trend rally in the EUR/USD could be nearing an end. There is a head and shoulders pattern at the highs, it has touched the 50 day MA moving average and all the upside point and figure targets have been met. The expected move down will probably reach support at 1.4275 which is both the point and figure target down on the 0.0005x3 chart and the lower channel line of the whole counter-trend move.

Analysis by: Joaquin Monfort  

                     Forex4you analyst
Disclaimer:Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.