Forex4you Technical Analysis 12 August 2011

[namrata]

EUR/USD: trading in range
The EUR/USD exchange rate is trading within a range and it has recently bounced from the lows and begun climbing till it has found resistance at the monthly pivot at 1.4237. It is possible it could resume its descent with the lows at 1.4125 targeted again, but a break above the pivot would indicate the probability of a rally to 1.4295 and then 1.4400. ADX is at record lows of 12.29 indicating the likelihood of a breakout on the horizon and a phase of strong directional movement.


Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.