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Forex4you Technical Analysis 18 March 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Mar 18, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    EUR/USD: technical analysis

    Scenario, offered in the previous analysis has been correct - the price tested the 1.4080-1.4040 resistance range and it currently resides around levels 1.4045/50. Indicators suggest growth, which gives reasons to postpone pullback down expectations for some time and expect a decline to commence right from the current levels. Support at 1.3850 should be considered as the target for decline. 1.3850 level breakout, together with up trend line (blue line) breakout, followed by fixation below, will indicate cardinal swings in the market sentiment.

    EUR/USD: technical analysis

    The EUR/USD is rallying and both the intermediate and small box point and figure charts are showing bullish counts. The first target is at 1.4265 as shown on the chart below. This also happens to be where a line of resistance is which previously prevented a rally extending in November last year, thus reinforcing its validity as a target level. The exchange rate is expected to continue rallying, therefore to that target.


    Analysis by: Joaquin Monfort
    Forex4you analyst

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