Forex Trading Signals June 17th 2011 (Pre- EU Market Open)

EUR/USD intraday: the downside prevails. Pivot: 1.4215.

Most Likely Scenario: SHORT positions @ 1.4205 with 1.4065 & 1.4025 in sight.

Alternative scenario: The upside penetration of 1.4215 will call for a rebound towards 1.4265 & 1.4325.

Comment: The pair has struck against its resistance and should face further weakness as the RSI remains capped by a MT declining trend line. Trend: ST Ltd Upside; MT Range

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