FX.co ★ EUR/USD Intraday Technical Analysis August 11, 2011

Fibonacci Level 61.8% is still holding the price above as a support.

We have a congested area 1.4050-1.4450 representing the confusion of the market and the instability of the fundamental situation.

It's better to stay out of the market until we have a breakout of these levels.

Now we have a bullish channel being formed with the lower limit at 61.8% Fibonacci Level & previous buttoms (1.4140 - 1.4080) representing the last support for the pair on the short term.

Bouncing of this level opens the way to 1.4380.

Break & closure below 1.4060 opens the way to 1.3846.