Forex4you Technical Analysis 05/08/10
EUR/USD: Technical Analysis
Assumptions that the price will test support 1.3110/20, the uptrend line (red lines), came true. The trading has tested level 1.3113 and is now pulling back upwards and being carried on at level 1.3160/70. Indicators show a downtrend, but hint of a possible reversal, especially for R%, which hadn’t managed to descend to the oversold zone. So, the price is likely to return to the resistance 1.3250/70 and attempts to break through and ascend to resistance 1.3380 is a high-possibility. At the same time, the price has all chances to continue its downward movement. The breach of a trend line will indicate a change of moods in the market towards the “bearish”. 1.3020/10 is expected to be the first support on the way downwards.
Analysis by: Forex4you.com written by Joaquin Monfort
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.
Assumptions that the price will test support 1.3110/20, the uptrend line (red lines), came true. The trading has tested level 1.3113 and is now pulling back upwards and being carried on at level 1.3160/70. Indicators show a downtrend, but hint of a possible reversal, especially for R%, which hadn’t managed to descend to the oversold zone. So, the price is likely to return to the resistance 1.3250/70 and attempts to break through and ascend to resistance 1.3380 is a high-possibility. At the same time, the price has all chances to continue its downward movement. The breach of a trend line will indicate a change of moods in the market towards the “bearish”. 1.3020/10 is expected to be the first support on the way downwards.
Analysis by: Forex4you.com written by Joaquin Monfort
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.
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