Forex4you Technical Analysis 25 July 2011

EUR/USD: Technical Analysis

The EUR/USD is still consolidating at a strong resistance point where it is pressing up against the upper boundary line of the triangle pattern visible on the daily chart. Until it can break out of the triangle, however, the bullish case lacks confirmation. There is no serious weakness yet, however, there has just been a bounce off the lower channel line drawn from the rally starting on the18th , on the 30min chart, which, will probably hold, and possibly re-touch the highs at 1.4435, reaffirming the upside bias to the trend.

Analysis by: Joaquin Monfort    

                    Forex4you analyst
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