Wednesday, August 17, 2011

EUR/USD Breaking Higher - August 17, 2011

The EUR/USD pair is trading in a channel down from the highs made on the 15th. It has just rallied up to the upper line of the channel and is pushing up against it trying to break through the resistance and go higher. 

If it succeeds it could revisit the top of the range at the 1.4450 highs; if it fails then it is possible it could fall back down to the bottom of the channel at the 1.4310 level.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst