Forex4you Technical Analysis 07 Nov 2011

EUR/USD: Technical Analysis

Eurodollar is still moving within a range although the bias is turning to the downside. Whilst it has just fallen down another level at the time of writing and reached support at 1.3680 there is still insufficient evidence to support a bearish break down yet. A break of the current levels would, however, be key in opening the door to the next target at 1.3480. If eurodollar recovers, on the other hand, then in the short term it will probably push back up to resistance from the upper channel line it has been tracking at 1.3730, or the range highs in the 1.38s if stronger.

Analysis by: Joaquin Monfort

                    Forex4you analyst
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