Forex4you Technical Analysis 27 July 2011

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EUR/USD: technical analysis

The bulls came very close to 1.4560/50 target level and almost reached it, but the price met a strong resistance at level 1.4530, so it now resides at 1.4470/80. Indicators are weakening their readings, they don't seem to suggest further growth anymore - we now expect sideways movement within 1.4550/40 – 1.4450 range, or may be with even lower border, at 1.4370/80 support line. Decline below 1.4260 support should be considered as a signal towards the change of sentiment in the market. Fixation above 1.4550/60 level will give reasons to expect the bulls to test a new support at 1.4700 level.

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Analysis by: Joaquin Monfort

Forex4you analyst

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