Forex4you Technical Analysis 29 July 2011

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Forex4you Technical Analysis 29 July 2011

Post  namrata on Fri Jul 29, 2011 5:19 am

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.

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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