Forex4you Technical Analysis 22 July 2011

EUR/USD: Technical Analysis

Earlier forecasts, suggesting to consider the bullish trend as dominating in the market and predicting further growth, confirmed. The price reached target at level 1.4370/80, held above and it’s currently testing the next resistance at 1.4450/40. Indicators are turned up, which gives even more reasons to anticipate ascension towards the next target, which, according to the previous analysis will most likely reside at level 1.4560/50.  At the same time, there are chances that the pair may grow even higher, to 1.4690/1.4700 levels in future. Decline below 1.4260 support line, on the other hand, would indicate the change of sentiment in the market and reversal downwards.

Analysis by: Arkady Nagiev    

                    Forex4you analyst
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