Forex4you Technical Analysis 24 May 2011

EUR/USD: Technical Analysis

The pair bounced off support as anticipated and although it has been rising it is now close to resistance from trendlines sloping down and may pull back to support at 1.4025. From there, there is the possibility of another rally with 1.4140s as a possible end target given that both the 0.001x3 and the 0.0005x3 charts are showing upside targets to that level.

https://lh6.googleusercontent.com/_I...USD240511b.png

Analysis by: Arkady Nagiev
Forex4you analyst

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