Forex4you Technical Analysis 23 June 2011

EUR/USD: Technical Analysis

The euro rolled-over during the night and has been falling all today. There is no evidence of any weakness in the downtrend so it will propbably continue. However, it has reached oversold levels to there is the possibility of a short term bounce. It has reached a support and resistance line at the current 1.4220 level and it could rebound from here. Alternatively the S3 daily pivot at 1.4180 level could also provide a buying zone. Longer term it would be expected to make new lows.

Analysis by: Joaquin Monfort

                    Forex4you analyst
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