EUR/USD ~ Update ~ 13 July 2011

The EUR/USD broke out of the triangle on Monday and then sold off down to almost 1.38. Since then, it has bounced back to 1.41ish which is now resistance:

I mentioned earlier that we could go as low as 1.34-35. Looking at the chart though there are some bullish signs as the uptrend line which held and the candle yesterday so I hope you took some profits if you were short. ; )

The important level now is 1.41ish. As long as we stay below it the bears are still in control and we could eventually see 1.34-35.