FX.co ★ EUR/USD Intraday Technical Analysis September 2, 2011

Bearish daily closure breaking the up trendline from 1.3836.

Continuation of the bearish pressure after break of 1.4380 reaching the current support level 1.4250 which is being tested now.

The pair is having strong bearish pressure to break 1.4250 trying to close 4H candlestick below it.

It's important to mention that break of the support level 1.4250 opens the way for the pair to reach around 1.4170 before any retracement.

Important:

The market is waiting for important news & announcements today which may cause violent unexpected moves.

Also we are about to have a weekly closure for a long holiday as Monday is a holiday for the US and CAD banks.