Forex4you Technical Analysis 04 April 2012

EUR/USD: Technical Analysis

Bearish sentiment dominated - the price breached 1.3290 support and declined. At the moment it's approaching 1.3120/40 support, mentioned earlier as the first target. Trading is carried out at 1.3180/90 level. Indicators suggest further downtrend, which gives reasons to anticipate the auxiliary trend line (blue-dashed line) to be tested anytime soon with deeper decline towards 1.3200 level. It's worth noting, that the price has good chances to fall down to 1.2970/80 level. To recommence their trend, the "bulls" will have to push the price above 1.3290/1.3300.

Analysis by: Arkady Nagiev
                    Forex4you analyst

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