Forex4you Technical Analysis 20 June 2011

EUR/USD: correcting in a downtrend
Overall the market is trending down although a bullish correction in the last hour has confused the picture. There are a cluster of point and figure targets on the 0.0005x3 and 0.001x3 charts at about 1.4140 and a support and resistance line there. I would expect any downside to reach that target. On the other hand the fact that EUR/USD has now closed up above the major trendline from the January lows signifies the possibility that there may be a bullish recovery. If so then the old highs at 1.4340 would ba a provisional upside target.



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Analysis by: Joaquin Monfort
Forex4you analyst

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