Forex4you Technical Analysis 07 July 2011

EUR/USD: Technical Analysis

Wave E continues to progress lower. It has found support at 1.4305 which is the 61.8% fibonacci line and the top of the Ichimoku cloud. From here there is the possibility of a bounce, probably to 1.4350. The down-trend will probably resume eventually, however, with 1.4150 as a probable target.

Analysis by: Joaquin Monfort    

                    Forex4you analyst

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