Forex4you Technical Analysis 15 June 2011

EUR/USD: Technical Analysis

The counter-trend rally which almost reached 1.4500 yesterday has broken down overnight and the exchange rate has resumed its down-trend. It formed a channel and then broke through the bottom on rising momentum and volume is still high indicating strenght in the sell-off. It will probably go further possibly to the old lows at 1.4320 which is also where the most reliable downside point and figure (p&f) count is targeting. It could bounce or consolidate at those levels before probably going lower in time given the 0.001x3 p&f chart is still showing a valid target of 1.4140.

Analysis by: Joaquin Monfort

                    Forex4you analyst

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