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Forex: EUR/USD: Bearish while below 1.4420 - MIG Bank

By FXstreet.com,  August 10, 2011, 08:27:00 AM EDT

FXstreet.com (Barcelona) - Euro recovery from Monday's low at 1.4130 has has been capped twice at 1.4400 so far today, which according to Ron William, Technical analyst at MIG Bank, maintains the overall bias bearish targeting levels sub-1.4000.

Failure to break beyond 1.4420 confirms bearish activity, says William: "EUR/USD's price activity remains bearish, following the reactionary bounce which failed in resistance at 1.4420. This confirms yet another bearish pattern, weighed down by additional failed breakouts from the major "Bermuda" triangle pattern."

Downside targets, according to William, are 1.3942, 1.3770 and 1.3410: "A resumption of lower will target 1.3942 (200-DMA), where a large amount of die-hard trend followers will be watching closely for repeat support or a big squeeze lower toward our initial objectives at 1.3770 and 1.3410."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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