FX.co ★ EUR/USD Intraday Technical Analysis & Bullish opportunity October 31, 2011

EUR/USD was trending down inside a bearish channel since June.

Thursday we had a full body bullish breakout of this bearish channel also breaking an intermediate resistance at 1.3950.

Now the pair is retesting the broken channel and broken support at 1.3970.

Based on the previous analysis, there's a bullish opportunity on retracement down to 1.3950 on the retest of the broken channel and resistance now working as support.

SL should be daily closure below 1.3900 & TP will be 1.4050, 1.4100, 1.4200 then 1.4270.