Forex4you Technical Analysis 29 June 2011

EUR/USD: Technical Analysis

The price breached and held above level 1.4330/40, which was very undesireble for the "bears". The price has recently approached close to 1.4430/40 level, considered as the last chance for the "bears" to win back their trend. At the moment it resides at 1.4380/90. Indicators are changing their readings at the moment, saying now in favor of the up trend. If the price holds above 1.4430/40 level, the first bullish target will be found at 1.4500, and then at 1.4600/20, 1.4700. However, until the key 1.4430/40 resistance line is safe, the price still has chances to fall down to 1.4000 support level, although not as soon as earlier forecasts predicted.

GBP/USD: technical analysis

Previous forecasts, predicting that consolidation range might expand towards the higher 1.6040/50 level confirmed and the price reached 1.6040/45 and then retraced downwards. At the moment trading is being carried out at 1.5970/80 level. MACD и R% indicators suggest growth, SS is currently being oversold, which gives enough reasos to be wary and consider a reversal towards the downtrend, so the bearish trend should be deemed as dominating at the moment. Trading is likely to keep on consolidating within previously formed range. Fixation above 1.6120/40 resistance line would be the indication for a possible reversal up. Support 1.5940/20 breakout will be a signal to further decline towards targets at 1.5840/50 and then 1.5700-1.5600 levels.

Analysis by: Arkady Nagiev

                    Forex4you analyst
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