Forex4you Technical Analysis 11/11/10

EUR/USD: Technical Analysis

The pair prefers a downwards movement, like it had been expected. The price descended to support 1.3660/40, but for a short period of time, and then returned upwards, so it's now consolidating around levels 1.3730/50. The consolidsation channel support has been breached but it now turns out to be a strong risistance, which which prevents the trading from moving upwards. Indicators don't suggest any particular direction, which makes the situation unclear. At the same time, SS is stuck in the oversold zone and R%'s reversal to this zone indicates the "bearish" potential to bring the trading down to 1.3650 and even to 1.3570. The alternative scenario remains the same - reversal above 1.3860 wil trigger the "bullish" trend.

http://www.forex4you.com/images/site/EUR111110.GIF


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

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