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Wednesday, August 3, 2011

EUR/USD Intraday Technical analysis 2011-08-03

The spot rate has bounced on the lower limit of its medium term bearish channel in 1.4150 and approach to the intermediate resistance of this one  to 1.4270. A break of these levels would allow it to reach the upper limit of the channel to 1.4420.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.4270 with a 1st objective of 1.4370, then 1.4420. A break in 1.4240 would invalidate this scenario.

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