Forex4you Technical Analysis 28 March 2011

EUR/USD: Technical Analysis

The EUR/USD pair has fallen to just above an important trendline reaching back to the January lows. It will probably fall a little further to meet the trendline currently situated at roughly 1.3980 which also coincides with a monthly pivot line. From there, there is a good possibility of a bounce, and the level of the monthly pivot at 1.4131 could supply a possible target.

http://forex4you.ninjacdn.net/charts/EURUSD280311.png

GBP/USD: Technical Analysis

The pair continued to slide downwards and the price passed 1.5980/1.6000 target support level, mentioned previously. At the moment the price resides at 1.5960/50 level, making attempts to hold below recently breached 1.5980/1.6000. Indicators are turned down, giving reasons to expect further decline. At the same time, there is a whole cluster of strong supports in the range, where the price currently resides. Therefore this decline may stop and the price may commence a sideways correction. Consolidation may take place from even lower levels - 1.5930/20, for instance. Should 1.5990 – 1.5930 range be easily breached, decline will be expected to stop after support 1.5840/50 level, which is likely to be tested in the near future.

Analysis by: Arkady Nagiev
Forex4you analyst

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