Forex4you Technical Analysis 30 June 2011

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Forex4you Technical Analysis 30 June 2011

Post  namrata on Thu Jun 30, 2011 5:28 am

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.

Analysis 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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