EUR/USD Intraday Technical Analysis July 25, 2011

EUR/USD has broken the resistance level 1.4250 - 1.4280 now acting as support.

Also the pair has closed above the broken uptrend again.

Now the price is testing the upper limit of the bearish channel (expected to be broken soon) after making a higher low .

The pair is trading inside a bullish channel now showing weakness of visiting higher prices.

There's possiblity of formation of double top pattern on the 4H chart when confirmed its target will be at the lower limit of the bullish channel 1.4220.

Based on the previous analysis :

There's a long opportunity at the levels 1.4220 -1.5250 with TP at 1.4330, 1.4400 then 1.4520.

SL should be 4H closure outside the bullish channel.