EUR/USD: technical analysis – July 18, 2012

The EUR/USD pair is still rising within a down-sloping channel. It looks like it may be beginning to roll-over and it is possible it will fall eventually to support from the trend-line at 1.2205. There is also a chance of a recovery at the 1.2240 level and a rebound, in which case it would target the upper channel line at 1.2360. The key reversal on Friday indicates the possibility of a trend-reversal and start of wave higher longer-term.

Written by Forex4you