Forex4you Technical Analysis 07 Feb 2011
EUR/USD: Technical Analysis
The forecast turned out to be correct, so decline continued. The price met support around level 1.3530/00 and it's currently pulling back upwards. The trading is carried out at 1.3600/10. Indicators are "bearish", they are turned down, which gives reasons to anticipate further decline. However, a strong cluster of supports stands in the way at level 1.3530/00 and lower, being a serious challenge for the "bears". Therefore, range trading within 1.3700-1.3530 is most likely in the near future. However, the outlook remains the same – if the trades fall below 1.3500 we'll be expecting serious changes in the market and then, if the trading holds below support 1.3450/60, the "bearish" trend will become dominating. Reversal upwards, above level 1.3780 would indicate a reversal to the up trend with the first stop at 1.3900/10.
Analysis by: Forex4you.com written by 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.
The forecast turned out to be correct, so decline continued. The price met support around level 1.3530/00 and it's currently pulling back upwards. The trading is carried out at 1.3600/10. Indicators are "bearish", they are turned down, which gives reasons to anticipate further decline. However, a strong cluster of supports stands in the way at level 1.3530/00 and lower, being a serious challenge for the "bears". Therefore, range trading within 1.3700-1.3530 is most likely in the near future. However, the outlook remains the same – if the trades fall below 1.3500 we'll be expecting serious changes in the market and then, if the trading holds below support 1.3450/60, the "bearish" trend will become dominating. Reversal upwards, above level 1.3780 would indicate a reversal to the up trend with the first stop at 1.3900/10.
Analysis by: Forex4you.com written by 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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