Monday, July 4, 2011

EUR/USD: Balance of Forces - July 4, 2011

The euro-dollar is continuing to rise despite a drop-off in momentum. It has broken out of the triangle pattern but has not followed-through. 

Whilst there is a possibility of a pullback to support and resistance at 1.4500 or even 1.4480, there are no strong signs of reversal or weakness so the uptrend could continue. 

The point and figure charts all have uptrends intact and there is a clustering of targets in the 1.4650 region, which could be the ultimate destination.


Analysis prepared by:

Joaquin Monfort
Forex4you analyst