Forex4you Technical Analysis 24 June 2011

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Forex4you Technical Analysis 24 June 2011

Post  namrata on Fri Jun 24, 2011 4:27 am

EUR/USD: strongly counter-trending
The EUR/USD has fallen heavily but yesterday evening it reached support and bounced. The bounce has taken it to 1.4300 and it will probably go even higher. The 0.0005x3 point and figure chart is showing two bullish upside targets: one at 1.4320 and the other at 1.4405. There is also the possibility that the support and resistance line at 1.4275 could halt the rally. However, the principle trend is still down and eventually the main bear trend should prevail and resume its descent.

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Analysis by: Joaquin Monfort
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