EUR/USD: Correction higher may extend now
July 11th, 2011
The EUR/USD has found support to bounce after a quick reaction of Italian and in general the euro zone area to latest developments of the crisis, and much worse than expected US Trade Balance. The pair seems ready to regain 1.4000 as indicators began a correction from oversold extremes, and extend gains towards the 1.4060/80 area, once recent intraday high at 1.4025 is overcome. Above that level, correction movement may extend near 1.4110 yet not much more today.
To the downside, the pair may remain above 1.3970 to perform the correction, as once below this last, the slide will likely extend back near 1.3900.
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