EUR/USD Intraday Technical Analysis (Regression Channel Analysis) November 8, 2011

EUR/USD currency pair is now testing a confluence of resistance levels at 1.3790.

This confluence is formed of the upper limit of two intermediate-term channels & the intermediate line of the longer-term channel which acts as a resistance too.

We had a bearish reaction towards this level as a "Falling of the roof" candlestick but wasn't followed by a good bearish move, instead the pair is testing the level again.

Based on the previous analysis, We can have a bearish position if we have a bearish confirmation again of the 1H candlesticks with TP at 1.3730, 1.3700.

However, if we have a 1H closure above this level we can have a bullish position easily as the pair will be targetting then the upper limit of the yellow channel at 1.3860.