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Forex4you Technical Analysis 18 August 2011

EUR/USD: technical update 
The EUR/USD pair is descending in a channel from the highs achieved yesterday. It has reached support at 1.4390 where it is currently consolidating. If it falls further it may reach the lower channel line at 1.4335; a recovery rally on the other hand is also quite possible given the larger trend for the week has been up, and this might revisit the 1.4500 highs, in a final Elliot 5th wave higher.
Analysis by: Joaquin Monfort
Forex4you analyst
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