Forex4you Technical Analysis 14 June 2011

EUR/USD: Technical Analysis

The counter-trend rally in the EUR/USD pair is still unfolding and will probably go higher as there has just been a trendline break and there are no signs of weakness in the rally yet. There is an eventual target of 1.4540 established from a count at the lows on the point and figure chart below. At a similar level is the old neckline of the H&S top which would be expected to offer resistance. After the rally terminates the pair will probably resume its downtrend and make new lows.

Analysis by: Joaquin Monfort

                    Forex4you analyst

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