Forex4you Technical Analysis 2 May 2011

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EUR/USD: technical analysis
The EUR/USD is in a strong uptrend although the last few days have shown a slackening off in bullishness. Longer term the pair will probably rise to resistance in the 1.50s where a upper channel line of the whole move off the June lows and a support and resistance level coincide. Shorter term the rate will probably rise to the top of the current congestion pattern at 1.4880 before either breaking out to the upside or consolidating further.




Forex
Analysis by: Joaquin Monfort
Forex4you analyst

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