FX.co ★ EUR/USD Long-Term Technical Analysis (Weekly View) September 12, 2011

The EUR/USD currency pair is currently visiting a demand zone ( support ) 1.3700-1.3400.

The importance of this zone is obvious on the weekly chart as It's :

1. Retest of the broken downtrend line which started September 2009 and broken in March 2011.

2. The lower limit of the bearish channel that started in May this year.

3. Multiple Previous congestion zones marked on the chart.

Based on the previous analysis, there's bullish opportunity on this zone with final target at the upper limit of the bearish channel around 1.4050.

SL should be weekly closure below 1.3400.