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Forex4you Technical Analysis 20 July 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Jul 20, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    EUR/USD: technical analysis
    The pair ascended up to 1.4200/10 resistance level, mentioned in the previous analysis, which turned out to be strong enough to initiate a stop and a sideways movement with 1.4120 support level as a lower border. At the moment the bulls are about to test level 1.4200/10. Indicators suggest further growth, giving reasons to expect the above mentioned level to be successfully breached. If the breakout takes place, the next on the way will be 1.4260 resistance, and then, if its breached as well, level 1.4370/80 with a possibility to test 1.4560/50 line. On the other hand, the bears seem to good chances to recommence their trend too - decline below 1.4120 will be a signal to expect another attempt to test 1.4000/10 support level in the near future.


    Analysis by: Joaquin Monfort
    Forex4you analyst

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