Forex4you Technical Analysis 28 March 2011
EUR/USD: Technical Analysis
The EUR/USD pair has fallen to just above an important trendline reaching back to the January lows. It will probably fall a little further to meet the trendline currently situated at roughly 1.3980 which also coincides with a monthly pivot line. From there, there is a good possibility of a bounce, and the level of the monthly pivot at 1.4131 could supply a possible target.
GBP/USD: Technical Analysis
The pair continued to slide downwards and the price passed 1.5980/1.6000 target support level, mentioned previously. At the moment the price resides at 1.5960/50 level, making attempts to hold below recently breached 1.5980/1.6000. Indicators are turned down, giving reasons to expect further decline. At the same time, there is a whole cluster of strong supports in the range, where the price currently resides. Therefore this decline may stop and the price may commence a sideways correction. Consolidation may take place from even lower levels - 1.5930/20, for instance. Should 1.5990 – 1.5930 range be easily breached, decline will be expected to stop after support 1.5840/50 level, which is likely to be tested in the near future.
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.
The EUR/USD pair has fallen to just above an important trendline reaching back to the January lows. It will probably fall a little further to meet the trendline currently situated at roughly 1.3980 which also coincides with a monthly pivot line. From there, there is a good possibility of a bounce, and the level of the monthly pivot at 1.4131 could supply a possible target.
GBP/USD: Technical Analysis
The pair continued to slide downwards and the price passed 1.5980/1.6000 target support level, mentioned previously. At the moment the price resides at 1.5960/50 level, making attempts to hold below recently breached 1.5980/1.6000. Indicators are turned down, giving reasons to expect further decline. At the same time, there is a whole cluster of strong supports in the range, where the price currently resides. Therefore this decline may stop and the price may commence a sideways correction. Consolidation may take place from even lower levels - 1.5930/20, for instance. Should 1.5990 – 1.5930 range be easily breached, decline will be expected to stop after support 1.5840/50 level, which is likely to be tested in the near future.
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.
Views: 6
Comment
© 2024 Created by James Dicks.
Powered by
You need to be a member of JDFN Financial Network to add comments!
Join JDFN Financial Network