Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forex4you Technical Analysis 07 Nov 2011

EUR/USD: Technical Analysis
Eurodollar is still moving within a range although the bias is turning to the downside. Whilst it has just fallen down another level at the time of writing and reached support at 1.3680 there is still insufficient evidence to support a bearish break down yet. A break of the current levels would, however, be key in opening the door to the next target at 1.3480. If eurodollar recovers, on the other hand, then in the short term it will probably push back up to resistance from the upper channel line it has been tracking at 1.3730, or the range highs in the 1.38s if stronger.
Analysis by: Joaquin Monfort
              Forex4you analyst
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.