Forex4you Technical Analysis 12 August 2011

EUR/USD: trading in range 

The EUR/USD exchange rate is trading within a range and it has recently bounced from the lows and begun climbing till it has found resistance at the monthly pivot at 1.4237. It is possible it could resume its descent with the lows at 1.4125 targeted again, but a break above the pivot would indicate the probability of a rally to 1.4295 and then 1.4400. ADX is at record lows of 12.29 indicating the likelihood of a breakout on the horizon and a phase of strong directional movement.

Analysis by: Joaquin Monfort

Forex4you analyst
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