Forex4you Technical Analysis 17 April 2012

EUR/USD: Technical Analysis

Earlier concerns, that 1.2770/90 support might turn out to be a strong barrier, confirmed - the price pulled back up and now resides at 1.3140/30 levels. Some indicators have turned up, but SS keeps on to decline, suggesting to consider current growth a correction to the recent decline. The situation looks rather unclear. Medium term bearish sentiment is now dominating, so we expect another decline towards the next targets at 1.2870/80, 1.2750, 1.2620. Growth above 1.3210/15 level - blue-dashed trend line will indicate weakening bullish sentement, the final signal for that will be 1.3290/1.3300 resistance breakout.

Analysis by: Arkady Nagiev
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.