EUR/USD Technical Analysis August 2, 2011

The EUR/USD first rose, then fell during the Monday session. The fact that it has broken below the bottoms of two o hammers suggests that some kind of major support in the 1.4250 area might be getting demolished. If we manage to stay under that level – we feel this pair goes down. The pair is in a downward channel, so we sell rallies in general as the world will certainly begin to focus on European debt worries after the debt limit deal is passed in the US.

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