Forex4you Technical Analysis 18 July 2011

EUR/USD: Technical Analysis

The euro-dollar pair has bounced off the lower boundary of a recent channel and it will probably rise to the upper channel line at the 1.4100 level, or resistance at 1.4125. There is a Demark buy setup on the 4-hour chart supporting this short-term bullish perspective. The bearish point and figure charts however indicate a probable resumption of the down-trend eventually, targeting 1.3950 to the downside.

Analysis by: Joaquin Monfort    

                     Forex4you analyst
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