Forex4you echnical Analysis 21Feb 2011
EUR/USD: Technical Analysis
Previous forecast turned out to be correct - the price reached support at level 1.3540/30, then reversed to growth and breached resistance level 1.3630/40. After that the price rose to resistance level 1.3720/20, mentioned in the previous forecasts as the target level. Indicators show the "bullish" trend. which gives more reasons to expect further growth. The next resistance level is very likely stand at level 1.3820/30, close to the breached up trend channel line. However resistance at 1.3720/10 may turn out to be strong and initiate a correction within the range 1.3720/10 – 1.3640/30. Decline below support level 1.3630/00 will indicate the weakness of the "bullish" trend and suggest to consider a reversal to the "bearish" trend as quite a possibility.
GBP/USD: Technical analysis
Seems like strong resistance at a local maximum 1.6280/60, mentioned in the previous analysis, managed to hold back growth. Having tested level 1.6260. the price pulled back down, so it currently resides at levl 1.6220,30. Indicators are still turned up, albeit MACD divergence suggests to consider a possibility of a long-term stop for correction, or even for reversal, which may push the trades downwards, to support level 1.5890/80. The pull back will be even a higher possibility if the price fall below 1.6140/50. Until it happened, however, the price is very likely to reach target at level 1.6330/00, a trend line (green line) matching August and November 2009 maximums in the near future.
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.
Previous forecast turned out to be correct - the price reached support at level 1.3540/30, then reversed to growth and breached resistance level 1.3630/40. After that the price rose to resistance level 1.3720/20, mentioned in the previous forecasts as the target level. Indicators show the "bullish" trend. which gives more reasons to expect further growth. The next resistance level is very likely stand at level 1.3820/30, close to the breached up trend channel line. However resistance at 1.3720/10 may turn out to be strong and initiate a correction within the range 1.3720/10 – 1.3640/30. Decline below support level 1.3630/00 will indicate the weakness of the "bullish" trend and suggest to consider a reversal to the "bearish" trend as quite a possibility.
GBP/USD: Technical analysis
Seems like strong resistance at a local maximum 1.6280/60, mentioned in the previous analysis, managed to hold back growth. Having tested level 1.6260. the price pulled back down, so it currently resides at levl 1.6220,30. Indicators are still turned up, albeit MACD divergence suggests to consider a possibility of a long-term stop for correction, or even for reversal, which may push the trades downwards, to support level 1.5890/80. The pull back will be even a higher possibility if the price fall below 1.6140/50. Until it happened, however, the price is very likely to reach target at level 1.6330/00, a trend line (green line) matching August and November 2009 maximums in the near future.
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.
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