Forex4you - EUR/USD: Technical Analysis 09 March 2011

The price continued to fall and tested support at level 1.3850/40, mentioned previously as the key support for a downtrend to let the price decline lower, to 1.3740/20. Indicators are "bearish" which gives reasons to expect the price to reach the above mentioned targets in the near future. Nevertheless, the price will only reach level 1.3740/20 in case it breaches and holds below level 1.3850/40. Reversal to growth is also quite a possibility, ascension above 1.3970 will give reasons to project another growth to the range 1.4040 -1.4080.


Analysis by: Forex4you

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