Forex4you Technical Analysis 21 July 2011

EUR/USD: Technical Analysis

The price reached 1.4260 level and even made an attempts to breach it, but this resistance proved to be strong, so it failed and the price now resides at 1.4240/30 level. Indicators suggest growth, which gives enough reasons to expect another attempt to breach 1.4260 level, and, if it happens, further uptrend and growth towards 1.4370/80 and maybe even to 1.4560/50 levels. On the other hand, even though the bearish potential has weakened, there's still a chance for a downtrend and decline below 1.4200/10 will be the first indication of the change of sentiment and reversal towards 1.4000/10.

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.