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Forex4you Technical Analysis 16 June 2011

 EUR/USD: Technical Analysis
 
After yesterday's dramatic sell-off there has been a little bit of a consolidation in EUR/USD, which has bounced and is showing potential to go higher given the convergence with momentum, and it could reach 1.4175 if it continues. Overall, however, the bias is still down and the 0.001x3 point and figure chart is showing a target of 1.3830, although, a closer target would be the 1.4000 level which is key and of which a break below would consitute a very bearish sign.
 
 
Analysis by: Joaquin Monfort
              Forex4you analyst
 
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