Dual Retracement Support Should Prompt EUR/USD Bounce
30 September 2011
WEEKLY CHART:
Bears have been encouraged by the recent break of rising support, ahead of the 38.2% pullback level.
Potential support is now offered by the 50% level -and see below.
DAILY CHART:
Recent breach of the bull channel base projection strengthened the bear case.
Note how the bear channel base was violated, but the 1.3360 76.4% pullback level has been tested -this can sometimes be effective in EUR/USD so we await reaction here, with a temporary bounce looking likely.
Any rally is assumed to be temporary, first resistance offered by the 1.3835 12-Jul low, with old channel base currently coinciding with this.
Next story:
Will Gold fall further 
Previous story:
Long Term 38.2% Support in Coffee Under Pressure