Forex4you Technical Analysis 14 July 2011

namrata 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

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.