Forex4you Technical Analysis 23 June 2011

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Forex4you Technical Analysis 23 June 2011

Post  namrata on Thu Jun 23, 2011 6:16 am

EUR/USD: trending down
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.

Belajar Forex
Analysis by: Joaquin Monfort
Forex4you analyst

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