Forex4you Technical Analysis 06 July 2011

EUR/USD: Technical Analysis

Decline below 1.4430/40 support level was the first indication of the "bearish" strength. At the moment trading is getting close to level 1.4330/40 - the key support on the way down- and being carried out around 1.4370/80 levels. Indicators are turned down, suggesting the bearish direction and level 1.4330/40 breakout in the near future. If the forecast confirm, the next stops for the price would be 1.4260/50 and then 1.4200/10 levels. Even if it happens, however, level 1.4200 has to be breached as well. If not, we'll be still expecting further bullish trend with targets at 1.4600/20, 1.4700.

Analysis by: Arkady Nagiev    

                    Forex4you analyst
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