Forex4you Technical Analysis 29 July 2011

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EUR/USD: technical analysis

Earlier forecasts, anticipating further decline, confirmed and the trades fell to 1.4260/50 support level, which the price is now trying to breach. If level 1.4260/50, mentioned previously as the key level on the way down, is breached, we’ll be expecting a change of sentiment in the market. Indicators are turned down, which gives even more reasons to expect the bearish attempts to turn out successful - next target in this case is seen at level 1.4120/10, and then at 1.4000. Until the tested support is breached, bulls will still have their leading positions in the market. Growth towards 1.4550/60, and 1.4700 levels has all chances to recommence.


Forex
Analysis by: Joaquin Monfort
Forex4you analyst

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