FX.co ★ EUR/USD Weekly Review June 13, 2011

As expected Last week, Area marked in RED acted as a good resistance for the EURO/USD currency pair limiting further upside movement .

The pair declined rapidly down to 1.4340 the obvious supply level on the daily chart and 50% Fibonatcci Level of the last swing up .

The previously mentioned H&S pattern successfully brought the pair down achieving its target .

Now the pair testing the support level at 1.4340 & 50% Fibonatcci level suggesting upside movement even on the short term .