Forex4you Technical Analysis 30 June 2011

EUR/USD: technical analysis
Forecasts confirmed and the pair continued its growth. The price breached 1.4430/40 resistance line, confirming the "bullish" strong potential. At the moment trading is being carried out at 1.4510/00 level. If the attempts to fix the price above 1.4500 line turn out successful, we'll be expecting another ascension with targets seen at 1.4600/20 and 1.4700 levels. Indicators are "bullish" as well, saying in favor of the above mentioned scenario. On the other hand, it's worth taking into account significant 1.4560/70 resistance, which is currently in the way - the level may become a reason for cardinal changes in the market and initiate a reversal. The indication for it would be decline below 1.4430/40 support line.



Forex
Analysis by: Joaquin Monfort
Forex4you analyst

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