Forex4you Technical Analysis 17 August 2011

EUR/USD: breaking higher 

The EUR/USD pair is trading in a channel down from the highs made on the 15th. It has just rallied up to the upper line of the channel and is pushing up against it trying to break through the resistance and go higher. If it succeeds it could revisit the top of the range at the 1.4450 highs; if it fails then it is possible it could fall back down to the bottom of the channel at the 1.4310 level.

Analysis by: Joaquin Monfort

Forex4you analyst
Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.