FX.co ★ EUR/USD Intraday Technical Analysis August 3, 2011

Nothing new on the daily chart,bearish candlestick breaking the 38.2% Fibonacci level.

Breaking 1.4200 will open the way down to 1.4070.

The pair is testing the 50% Fibonatcci level, the lower limit of the newly formed bearish channel suggesting a bullish retracement on the short term.

The view for the pair is bearish as long as it consolidates below 1.4400 targetting 1.4100-1.4070.

The best area for SELLING the pair is around 1.4300-1.4330 which gives a good short entry with any bearish reaction of it.