Aug 5
EUR/USD Analysis-June 01,2011
Wednesday, 01 June 2011 01:32

EURUSD broke trend line and now back trend line toward 1.4691 which 74.6% of 1.4939 to 1.3967, 61.8% (1.4567). If EURUSD will reverse from 1.4567-1.4691 area, extension is 1.3710-1.3374 area on  long term. In EURUSD minor resistance is at 1.4456 break of this resistance next target will be 1.4567 on intraday. On the otherway down side break of 1.4337 support next target will be 1.4214 on intraday. EURUSD break of 1.4567 strong resistance possible further move up side toward 1.4691 resistance.
New High:1.4491, 1.4650, 1.4753

Yesterday: Open 1.4287 High 1.4425 Low 1.4285 Close 1.4395

Since the Asian session started trading yesterday, the euro tends to sideways movement in the range of 140 pips daily with the highest level at 1.4425 and at 1.4285 its lowest level daily.

Currently, the Euro looks sideways but still tend to consider the condition of the stochastic indicator which indicates the Euro bearish.

The focus of today's economic data for the EUR / USD is:

1. EUR Final Manufacturing PMI
2. EUR ECB President Trichet Speaks