15.07.201112:31 Forex Analysis & Reviews: EUR/USD Retest of the broken triangle on the Daily July 15, 2011

Long-term review

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EUR/USD currency pair has broken the uptrend line extending from Jan 10, 2011.

Also the pair has successfully retested the backside of this broken trend line with obvious bearish reaction.

Also as we notice the pair has broken the short-term trend (Blue) & successfully retested it.

On the 4H chart, The pair is facing the short-term support level 1.4100 which may limit the downside decline for the time.

As we have bearish view for the pair:

The best area to SELL the pair is at 1.4200-1.4250 with TP at 1.4110, 1.4050 then 1.4040.

Direct break of 1.4100 with closure below it opens the way down to 1.4050 then 1.3950.

SL for SHORT positions should be placed above 1.4375.

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