Forex4you Technical Analysis 20 March 2012

EUR/USD: Technical Analysis

"Bulls" failed to reach 1.3290/80 level - the price was held back by 1.3270/65 resistance and pulled back to level 1.3220/30, where it still resides. Indicators suggest further growth, but the readings seem to be weakening. Earlier breached uptrend (red) line around 1.3290/1.3300 level is likely to be tested anytime soon. To anticipate a medium-term uptrend this resistance has to be breached and the price should hold above. In this case we'll be expecting growth to 1.3380 and then to 1.3490/1.3500 levels. Before 1.3290 level breakout trading has all chances to recommence its decline. Should the price fall below 1.3100 level, the bearish trend with the first targets at 1.2970/60 and 1.2870/80 (new local minimums) will commence.

Analysis by: Arkady Nagiev
                    Forex4you analyst

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