Forex4you Technical Analysis 21 June 2011

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Forex4you Technical Analysis 21 June 2011

Post  namrata on Tue Jun 21, 2011 5:38 am

EUR/USD: rolling over
There is growing evidence the counter trend rally in the EUR/USD could be nearing an end. There is a head and shoulders pattern at the highs, it has touched the 50 day MA moving average and all the upside point and figure targets have been met. The expected move down will probably reach support at 1.4275 which is both the point and figure target down on the 0.0005x3 chart and the lower channel line of the whole counter-trend move.

Analysis by: Joaquin Monfort
Forex4you analyst

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