Forex4you Technical Analysis 10 April 2012

EUR/USD: Technical Analysis

The price kept on consolidating within narrow ranges. Forecasts confirmed - the "bulls" attempted to test the auxiliary trend line (blue dashed line) as a resistance, but failed - trading reversed down and is now carried out at 1.3100/10. Indicators are mostly "bearish", which gives reasons to expect further dowtrend and another decline towards earlier mentioned 1.2970/80 support range and then lower, to 1.2870/80 and 1.2750 levels. If the price retraces towards the uptrend channel sector and holds above 1.3170/80 level, we'll be expecting the change of market sentinent. Growth above 1.3290/1.3300 level will be the final signal for reversal up.

Analysis by: Arkady Nagiev
Forex4you analyst

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