EUR/USD Technical Analysis for the Week of July 25, 2011

EUR/USD rose as the debt crisis deal was put into effect in Europe over the past week. However, one can see on the shorter-term charts that this pair looks weak, and it certainly does against other currencies. That being said, there is the possibility of a bullish flag on the weekly chart, and if we were to break above the 1.45 area, it would be confirmed decisively. The real question is whether or not it is a flag – or a downward channel? Either way, we need to see a break to have any real conviction on one side or the other.

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