Forex4you Technical Analysis 02/11/10

EUR/USD: Technical Analysis

Support 1.3940/20 was breached, but the price only descended to level 1.3860, which became a starting point for the growth reversal. The trading is currently carried on at level 1.3980, thus returning to yesterday's maximums. Indicators are "bullish" again, suggesting further possible growth. At the same time there is a strong resistance at level 1.4000/10 on the way, which has all chances to bring the price back downwards. In case this barrier is breached, level 1.4040/50 will be the next to be tested, growth to higher levels is not likely in the nearest future. Reversal downwards and a all below 1.3940/20 suggests level 1.3860 testing.

http://www.forex4you.com/images/site/1.GIF


GBP/USD: Technical Analysis

GBP/USD is falling rapidly after having completed a zig-zag at the 1.60 highs. Such is the force of the initial thrust of the move it could even reach the 1.57 lows in time although a more modest target might be support and the monthly pivot at around 1.5920.

http://forex4you.ninjacdn.net/charts/GBPUSD021110.png

Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst

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