Forex4you Technical Analysis 26 April 2011

EUR/USD: Technical Analysis

The price reached a strong resistance at 1.4650/40 level and pulled back downwards. The pullback stopped at 1.4500 support level. Trading is now carried out around 1.4550/60 levels. Indicators are not that "bullish" anymore, currently suggesting a possibility of a sideways movement within 1.4650 – 1.4500 range. Support at 1.4500 level was previously mentioned as the key support, which can halt growth. Its breakout would give reasons to expect a reversal or at least hold back growth for quite a long time. However, until the price fell below 1.4500 level, growth to targets at 1.4700 and 1.4790/80 is more likely at the moment.

http://www.forex4you.com/images/site/EUR260411_4.GIF

Analysis by: Joaquin Monfort
Forex4you analyst

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