Forex4you Technical Analysis 10 August 2011

EUR/USD: Technical Analysis

Earlier forecasts confirmed - the pair had been trading within narrow ranges for the whole last trading session and managed to rise towards 1.4390/80 resistance level only by the end of the session, influenced by the fundamental data. The price is currently making another attempt to breach this barrier, trading is carried out at 1.4370/80 levels. Indicators became more bullish, which gives reasons to expect 1.4390/80 level to be successfully breached. If it does happen and the bulls hold above, we'll be anticipating further uptrend and growth to targets at 1.4560 and 1.4700 levels.  Reversal downwards is still possible. Should the price fall below 1.4220 level, trading will go back to 1.4120 level with the risk of a further decline to 1.3850.

Analysis by: Joaquin Monfort    

                    Forex4you analyst
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