Forex4you Technical Analysis 09 April 2012

EUR/USD: Technical Analysis

The price breached 1.3100/05 support and reached 1.3040/30 level. At the moment we observe sideways correction to be formed, trading is carried out at 1.3090/80 levels. Earlier forecasts are still relevant - further decline towards 1.2970/80 support may commence anytime soon, plus the price has all chances to fall lower towards 1.2870/80 and 1.2750 levels too. Indicators say in favor of this scenario. When correcting, the price may test earlier breached auxiliary trend line (blue-dashed line) as a resistance. As for the reversal up, the bulls have to push the price at least above 1.3290/1.3300 level.

Analysis by: Arkady Nagiev
Forex4you analyst

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