Thursday, September 15, 2011

EUR/USD Nearing Resistance - September 15, 2011

The counter-trend rally continues higher but has just reached tough resistance from the trendline down from the highs of the 29th. 

There is a chance the exchange rate could pop higher, reaching the channel highs at 1.3800, which is also near the point and figure target at 1.3810 but it should fall – either then or before - and probably reach the base of the range at 1.3640. 

Analysis prepared by:
Joaquin Monfort
Forex4you analyst