Forex4you Technical Analysis 01/11/10
EUR/USD: Technical Analysis
Support at level 1.3800/1.3780 stopped the price fall and brought the trading back to the breached uptrend channel line (blue dashed line). The price tested levels 1.4000/10, but it didn't manage to break this barrier, so it's currently pulling back and resides at 1.3950/60. Indicators show a reversal downwards, which suggests further descend in the price. Support 1.3940/20 breakout is seen rather significant at the moment, because if it takes place, the price will have all chances to descend further to 1.3780/70 or even a bit lower, to 1.3730. If the support is not breached, it'll be a signal that the uptrend is a possibility with new maximums tests in the nearest future.
Analysis by: Forex4you.com written 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.
Support at level 1.3800/1.3780 stopped the price fall and brought the trading back to the breached uptrend channel line (blue dashed line). The price tested levels 1.4000/10, but it didn't manage to break this barrier, so it's currently pulling back and resides at 1.3950/60. Indicators show a reversal downwards, which suggests further descend in the price. Support 1.3940/20 breakout is seen rather significant at the moment, because if it takes place, the price will have all chances to descend further to 1.3780/70 or even a bit lower, to 1.3730. If the support is not breached, it'll be a signal that the uptrend is a possibility with new maximums tests in the nearest future.
Analysis by: Forex4you.com written 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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