Tuesday, July 26, 2011

EUR/USD Intraday Technical Analysis - 26 July 2011

The pair is now trying to break the bearish channel on the daily chart under the influence of the bad news of USD.

If the pair manages to close the way it's now, it will be a good chance to go long on retest of the backside of the channel (around 1.4400 - 1.4440 )  on its retesting.

This move if confirmed is targetting at least 1.4560 which is a strong resistance level.

On the 4H chart, the pair has broken a short-term channel waiting for its retest at around 1.4400-1.4440  to go long.

Area mentioned above is a good one to go long at as it's 38.2% Fibonatcci and the backside of the broken bearish channel and near the ascending lower limit of the bullish channel.
TP is 1.4480, 1.4520 then 1.4560.

SL should be 4H closure below 1.4325.

Performed by Mohamed Samy, Analytical expert
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