Forex4you Technical Analysis 25 May 2011

namrata Wed May 25, 2011 6:01 am

EUR/USD: technical analysis
Previous growth was halted by a strong resistance around 1.4120/30 levels, so the trading pulled back downwards. The price now resides at 1.4070/80. Indicators are still turned up, but only in R% and MACD, SS looks neutral. Therefore, we should probably expect further correction, thought "bearish" trend is now dominating. When correcting, the price is also likely to test 1.4200/20 resistance level - downtrend channel (red) line. At the same time, further decline may commence from the current levels already. 1.4000 level breakout would indicate that a downtrend recommenced with the next stop, expected at 1.3850/60 level.

Forex | 外匯

Analysis by: Joaquin Monfort
Forex4you analyst

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