22 Jul 2011 02:10 EDT
By Francis Bray London (Dow Jones via eFXnews)Forex Spot:

EUR/USD
Spot 0445 GMT 1.4388

3 Day Trend Bullish
Weekly Trend Bearish

200 day ma 1.3991

3rd Resistance 1.4498
2nd Resistance 1.4458
1st Resistance 1.444
Pivot* 1.4332
1st Support 1.4371
2nd Support 1.4283
3rd Support 1.4209

* The pivot is the sum of the high, low and close divided by 3.



Intraday EUR/USD: Thursday's strength brings the wave equality target at 1.4458 into the immediate picture. And while projected support at 1.4283 holds, the structure of the bull wave from Monday's 1.4014 low creates scope for 1.4498 and 1.4592 on concerted EUR strength. Corrective weakness will attract support while above 1.4283, and only below there would concern EUR bulls.

Weekly chart EUR/USD trend: Bearish.

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