Forex4you Technical Analysis 25 July 2011

namrata Mon Jul 25, 2011 6:36 am

EUR/USD: bouncing short-term

The EUR/USD is still consolidating at a strong resistance point where it is pressing up against the upper boundary line of the triangle pattern visible on the daily chart. Until it can break out of the triangle, however, the bullish case lacks confirmation. There is no serious weakness yet, however, there has just been a bounce off the lower channel line drawn from the rally starting on the18th , on the 30min chart, which, will probably hold, and possibly re-touch the highs at 1.4435, reaffirming the upside bias to the trend.

forex4you
Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.