Forex4you Technical Analysis 29 March 2011

EUR/USD: Technical Analysis

The price failed to hold below 1.4060/50 level, so it recommenced growth and now resides at 1.4130/40 level. This may be deemed as further consolidation within 1.4250-1.4060/50 range with a possible long-term down trend (red) line test around levels 1.4300/1.4290. However, indicators don't say in favor of future growth, so ascension to 1.4300 level is a very small possibility, and the price will most likely return to a decline from 1.4220/50 level. If growth continues anyway, strong resistance at 1.4300/1.4290 level will trigger another stop and a pull back downwards. 1.4010/00 up trend channel (blue) line and support 1.3850/80 levels breakouts will be the final signal to the change of sentiment in the market .

Analysis by: Arkady Nagiev
Forex4you analyst

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