Forex4you Technical Analysis 04 March 2011

EUR/USD: Technical Analysis

Resistance breakout at 1.3900 would indicate the "bullish" dominating trend. The price rose to level 1.3950/60 and it's currently consolidating right around this resistance level. Indicators suggest further growth to the next resistance - level 1.4080/40, which may not only hinder growth, but trigger a large scale pull back downwards as well. Even a reversal is a possibility. A fall below strong support level 1.3900/1.3880 will indicate a more serious decline. Resistance breakout at 1.4080, on the other hand, suggests growth to the range 1.4250-1.4350.

http://www.forex4you.com/images/site/EUR040311_1.GIF

GBP/USD: Technical Analysis

Support level 1.6260/70 was breached, giving reasons to expect support levels at 1.6220/10 and then at 1.6140/50 to be tested in the near future. The price has recently come close to the first barrier, it now resides at levels 1.6240/30. Indicators turned their readings downwards, suggesting further down trend. Nevertheless, the "bulls" still have chances to recommence their growth and raise the price to the new maximums at 1.6450/80, mantioned previously. Growth above level 1.6300 will indicate the "bullish" victory.

http://www.forex4you.com/images/site/GBP040311.GIF

Analysis by: Joaquin Monfort
Forex4you analyst

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