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Forex4you Technical Analysis 29 March 2011

EUR/USD: Technical Analysis

The price failed to hold below 1.4060/50 level, so it recommenced growth and now resides at 1.4130/40 level. This may be deemed as further consolidation within 1.4250-1.4060/50 range with a possible long-term down trend (red) line test around levels 1.4300/1.4290. However, indicators don't say in favor of future growth, so ascension to 1.4300 level is a very small possibility, and the price will most likely return to a decline from 1.4220/50 level. If growth continues anyway, strong resistance at 1.4300/1.4290 level will trigger another stop and a pull back downwards. 1.4010/00 up trend channel (blue) line and support 1.3850/80 levels breakouts will be the final signal to the change of sentiment in the market .

Analysis by: Arkady Nagiev
                   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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