Tuesday, January 25, 2011

EUR/USD | Technical Analysis | 25 January 2011

EUR/USD | Technical Analysis | 25 January 2011

This pair pulled back and continued rising yesterday as anticipated. It has now reached a substantial support and resistance level at around 1.3680 which is just short of the old major trend-line from the June lows which lies at 1.3720. It has begun correcting quite steeply from there and there is a rare and bearish Demark buy setup signalled today.

It is probable the correction has further to go and will reach the trend-line for the whole move up from January 10th at 1.3580, before perhaps reaching 1.3535 and then 1.3450. After that however the bullish trend should resume.

by Joaquin Monfort, Analytical expert , Forex4You © 2011

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