forex4you Posted May 22, 2012 Report Share Posted May 22, 2012 EUR/USD: Technical Analysis The price breached downtrend channel (red) line, but hasn't climbed above 1.2800 resistance yet. The level was earlier mentioned as a strong barrier for growth. Earlier forecasts still apply - if bulls manage to pass through 1.2800 level, growth will continue up to the next strong resistance at 1.2920/50 range. Indicators are now turned more up, suggesting further growth, which gives reasons to anticipate the uptrend scenario. On the other hand, if the trend line breakout (red line) proves to have been false, correction within 1.2800-1.2640/20 range will commence. Bearish positions remain dominating in a medium-term with targets found at 1.2470 - 1.2390/1.2400 levels. Analysis by: Arkady Nagiev 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. Quote Belajar Forex Link to comment Share on other sites More sharing options...
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