Forex4you Technical Analysis 9 May 2011

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EUR/USD: technical analysis
The EUR/USD pair has temporarily bottomed and today price has rebounded. At its current 1.44 level the rise has encountered sturdy resistance from the underside of the trendline for the move up from the January lows, the trendline down from the highs and the 23.60% Fibonacci line. It is possible it could resume its downtrend from here reaching a shelf of support at around 1.4250. However, the point and figure charts, are showing a cluster of bullish price targets at around 1.4500, indicating the possibility of a break higher, to perhaps the resistance line situated there or slightly above.



Forex | Foreign Exchange
Analysis by: Joaquin Monfort
Forex4you analyst

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