Forex | Forex Strategies | EUR/USD's possible bearish rejection (31/07/2009 09:53:42)

EUR/USD's possible bearish rejection

The EUR/USD has stabilized after rebounding off 1.40, near the midpoint of the latest 1.38-1.42 range and a key fibonacci retracement (61.8% of 1.3839-1.4300). The possible bearish rejection off former trendline support hints of a weakness towards 1.3957 initially (78.6% of 1.3839-1.4300). If the 50-day MA (1.4033) remains supportive, then the medium-term bullish structure remains intact. The US Dollar Index looks like it may have rebounded off an internal trendline as well, but remains


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