Forex4you Technical Analysis 04 March 2011
EUR/USD: Technical Analysis
Resistance breakout at 1.3900 would indicate the "bullish" dominating trend. The price rose to level 1.3950/60 and it's currently consolidating right around this resistance level. Indicators suggest further growth to the next resistance - level 1.4080/40, which may not only hinder growth, but trigger a large scale pull back downwards as well. Even a reversal is a possibility. A fall below strong support level 1.3900/1.3880 will indicate a more serious decline. Resistance breakout at 1.4080, on the other hand, suggests growth to the range 1.4250-1.4350.
GBP/USD: Technical Analysis
Support level 1.6260/70 was breached, giving reasons to expect support levels at 1.6220/10 and then at 1.6140/50 to be tested in the near future. The price has recently come close to the first barrier, it now resides at levels 1.6240/30. Indicators turned their readings downwards, suggesting further down trend. Nevertheless, the "bulls" still have chances to recommence their growth and raise the price to the new maximums at 1.6450/80, mantioned previously. Growth above level 1.6300 will indicate the "bullish" victory.
Analysis 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.
Resistance breakout at 1.3900 would indicate the "bullish" dominating trend. The price rose to level 1.3950/60 and it's currently consolidating right around this resistance level. Indicators suggest further growth to the next resistance - level 1.4080/40, which may not only hinder growth, but trigger a large scale pull back downwards as well. Even a reversal is a possibility. A fall below strong support level 1.3900/1.3880 will indicate a more serious decline. Resistance breakout at 1.4080, on the other hand, suggests growth to the range 1.4250-1.4350.
GBP/USD: Technical Analysis
Support level 1.6260/70 was breached, giving reasons to expect support levels at 1.6220/10 and then at 1.6140/50 to be tested in the near future. The price has recently come close to the first barrier, it now resides at levels 1.6240/30. Indicators turned their readings downwards, suggesting further down trend. Nevertheless, the "bulls" still have chances to recommence their growth and raise the price to the new maximums at 1.6450/80, mantioned previously. Growth above level 1.6300 will indicate the "bullish" victory.
Analysis 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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