Forex4you Technical Analysis 30 May 2011

EUR/USD: Technical Analysis

The price kept on ascending up to 1.4330/40 resistance - 38.2 fibo from 1.4940 level. And at the moment its making attempts to test this barrier, after it has failed to breach it and pulled back downwards. So it now resides at 1.4290/80 level, ready for another attack. Indicators say in favor of further growth, which gives enough reasons to expect the "bullish" scenario to commence - on case 1.4330/40 level is breached, we'll be expecting the uptrend (blue) line, breached in the beginning of May, to be tested in the near future. Should the price fall below 1.4120/10 support level, the "bearish" trend will become a higher possibility and traders will anticipate 1.3850/60 support level to be tested next.

Analysis by: Arkady Nagiev

                    Forex4you analyst
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