Forex4you Technical Analysis 19 July 2011

namrata Tue Jul 19, 2011 5:49 am

EUR/USD: rallying into resistance
The exchnage rate has leapt higher and if it can break through resistance from the lower borderline of the triangle then it could signal a reversal - however it is too early to say yet whether that will happen. The next target higher would be at 1.4300 where there is a cluster of moving averages, however a resumption of the bearish trend would be expected to find support at the old lows: firstly 1.4015 and then 1.3840.

Forex
Analysis by: Joaquin Monfort
Forex4you analyst

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