Forex4you Technical Analysis 30 August 2011

EUR/USD: Technical Analysis

1.4550/60 resistance has halted growth, so the price is currently retracing back downwards. Trading is being carried out at 1.4460/50 support level, mentioned previously as the "signal" for reversal of the bearish sentiment in the market. Indicators are turning down again and if level 1.4450/60 is eventually breached, the "bulls" will have less chances to continue their trend and the price will most likely commence a new downward movement towards 1.4120 level or even lower.

Analysis by: Joaquin Monfort  

                    Forex4you analyst
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