Monday, July 4, 2011

EUR/USD Weekly Report - July 4 , 2011

As wee see we have a broken downtrend successfully retested twice.

Last monthly candle had a long tail to the downside attempting to test May's low indicating the strength of the support level 1.4060.

Also We have prominent Support level 1.4240 still holding the price above.

On the weekly chart , We can obviously see the retesting of the backside of the broken downtrend line.

Also we see the higher highs and lows indicating the upside direction.

Also we notice the BULLISH engulfing weekly candle.

The following can be noticed on the Daily chart :

- Friday's candlestick had a long tail to the downside reaching 1.4434 indicating the bullish pressure of the market.

- Also we have the 3 White Soldiers " Candlestick Pattern " Which is a bullish pattern as well.

- a confirmed double buttom pattern with successfully retested neckline.

Broken downtrend line successfuly retested.

Strong support level which made pushed Friday's candlestick to close as bullish engulfing.

Based on the Analysis , The view for the pair is still Bullish with higher targets.

Performed by Mohamed Samy, Analytical expert