Forex4you Technical Analysis 14 July 2011

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Forex4you Technical Analysis 14 July 2011

Post  namrata on Thu Jul 14, 2011 6:12 am

EUR/USD: technical analysis
Trading moved far above 1.4120 level, mentioned previously as a resistance line for the correction range. At the moment we see the price at level 1.4220/10, which gives the bulls good chances to proceed with their uptrend. All indicators, including SS, MACD and R% suggest further growth. To give us reasons to expect the next resistance line test at level 1.4370/80, however, trading has to first hold above 1.4260 level. Until then, reversal towards the bearish trend is a high possibility as well -decline below 1.4120 support line will be a good indication for that.

Forex
Analysis by: Joaquin Monfort
Forex4you analyst

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namrata

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