Forex4you Technical Analsis 25 Feb 2011

EUR/USD: Technical Analysis

The current rally looks complete and yesterday’s prediction of a fall still holds. There has been a throw-over of the upper channel line but prices should fall back down again presently. The support and resistance level at 1.3750 provides an initial target with the bottom of the channel at 1.3700 as the final target. If there is a rally higher however I would expect it to reach the 1.3860s, where it would encounter resistance from the upper Bollinger band at 1.3864 as well as the level of the previous highs at 1.3860.

http://forex4you.ninjacdn.net/charts/EURUSD250211.png

Analysis by: Joaquin Monfort
Forex4you analyst

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