EUR/USD: technical analysis – July 17, 2012

The EUR/USD pair is rising within a down-sloping channel. It will probably reach the upper channel line at 1.2360. The target for the double bottom and the monthly pivot, however, lie slightly higher at 1.2380 – another possible target. The key reversal on Friday indicates the possibility of a trend-reversal and start of a new up-trend. Alternatively it is possible the rally will pull-back to support from a cluster of MA’s and the 61.8% Fibonacci level at 1.2225.

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