Forex4you Technical Analysis 11 July 2011

EUR/USD: Technical Analysis

This pair gapped down this morning, reaching the lower border of the triangle at 1.4150. There is strong support at the current level indicating the possibility of a bounce if the move reverses. I would expect a rebound to hit resistance at 1.4190 or possibly fill the gap at 1.4250. Currently, however, there is no sign of the down-trend slowing down and if it continues, the support at 1.3950 might slow progress. A strong breakout from the pattern could go much further – targeting 1.3180.

Analysis by: Joaquin Monfort    

                     Forex4you analyst
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