Forex4you Technical Analysis 18 July 2011

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Forex4you Technical Analysis 18 July 2011

Post  namrata on Mon Jul 18, 2011 4:53 am

EUR/USD: pull-back in progress
The euro-dollar pair has bounced off the lower boundary of a recent channel and it will probably rise to the upper channel line at the 1.4100 level, or resistance at 1.4125. There is a Demark buy setup on the 4-hour chart supporting this short-term bullish perspective. The bearish point and figure charts however indicate a probable resumption of the down-trend eventually, targeting 1.3950 to the downside.
Analysis by: Joaquin Monfort
Forex4you analyst

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