EUR/USD analysis (July 02nd 2011)

The break above 1,4440 on June 29th has validated a double bottom formation which opens the door for a test of June high at 1,47.
A break above this level would expose 2011 high at 1,4940.


EUR/USD : 4-hour chart

It is worth noting that the market will have to get through a descending trendline passing by the current trading level aroud 1,4550 which might offer some kind of resistance going forward.

The studies are still pointing to further gains and only a daily close below 1,4440 would concern with a possible setback towards 1,41.