Forex4you Technical Analysis 02 September 2011

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.

Analysis by: Joaquin Monfort

                    Forex4you analyst
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