Forex4you Technical Analysis 16 March 2012

EUR/USD: Technical Analysis

The price stayed within narrow ranges between 1.3100-1.3030/50 levels, like expected. Trading is currently carried out at 1.3060/50 levels. Indicators remained unchanged, suggesting to consider further "bearish" trend. The price is likely to stay sideways within previously formed range. The next target will be found at 1.2970/60 level. If this support fails to halt a decline, the next barrier on the way down will be found at 1.2870/80 level. Growth above 1.3290/95 level will cancel the bearish trend and market sentiment will turn "bullish".

Analysis by: Arkady Nagiev
                    Forex4you analyst

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