Thursday, July 14, 2011

EUR/USD Gap Filled - 14 July 2011

The euro-dollar has rallied up to 1.4280. It has filled the gap made on Monday and pulled back, but it is beginning to rise again as I write. 

There is an upside target on the point and figure chart of 1.4290 which is reachable. 

Resistance from the upper lip of the gap may limit growth thereafter. The stronger bear move may resume and bring the exchange rate back down again.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst