EUR/USD is testing uptrend line

After the ECB press conference the EUR was supported by Mr. Trichet  inflation concerns. EUR/USD rallied and now it is testing the broken uptrend line which is resistance currently. If this holds we may expect another sell off and test of the lower boundary of a bull flag formation which coincides with the swing low @ 1.4520. If this support is broken next targets are 1.4355 and 1.4280.

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This entry was posted on December 06th, 2007 and is filed under Forex Trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or Trackback from your own site.