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Forex4you Technical Analysis 05 August 2011

EUR/USD: Technical Analysis


The euro-dollar could bounce after finding support from an old trend-line from the May highs. Both momentum indicators are over-sold but there are no other major reversal signs yet. A small double-bottom on the 10 minute chart on the S2 daily pivot may start the counter trend rally, with the first upside target at 1.4170 and then if it extends to fill the gap a continuation to the upper channel line of the descent at 1.4205. A deeper sell-off will probably follow, first to match the current lows and then to support at 1.4000.



Analysis by: Joaquin Monfort    

                    Forex4you analyst
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