namrata.yadav Posted July 20, 2011 Report Posted July 20, 2011 EUR/USD: technical analysis The pair ascended up to 1.4200/10 resistance level, mentioned in the previous analysis, which turned out to be strong enough to initiate a stop and a sideways movement with 1.4120 support level as a lower border. At the moment the bulls are about to test level 1.4200/10. Indicators suggest further growth, giving reasons to expect the above mentioned level to be successfully breached. If the breakout takes place, the next on the way will be 1.4260 resistance, and then, if its breached as well, level 1.4370/80 with a possibility to test 1.4560/50 line. On the other hand, the bears seem to good chances to recommence their trend too - decline below 1.4120 will be a signal to expect another attempt to test 1.4000/10 support level in the near future. Forex Analysis by: Joaquin Monfort Forex4you analyst Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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