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Forex4you Technical Analysis 21 February 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Feb 21, 2011.

  1. forex4you

    forex4you New Member

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    EUR/USD: technical analysis

    Previous forecast turned out to be correct - the price reached support at level 1.3540/30, then reversed to growth and breached resistance level 1.3630/40. After that the price rose to resistance level 1.3720/20, mentioned in the previous forecasts as the target level. Indicators show the "bullish" trend. which gives more reasons to expect further growth. The next resistance level is very likely stand at level 1.3820/30, close to the breached up trend channel line. However resistance at 1.3720/10 may turn out to be strong and initiate a correction within the range 1.3720/10 – 1.3640/30. Decline below support level 1.3630/00 will indicate the weakness of the "bullish" trend and suggest to consider a reversal to the "bearish" trend as quite a possibility.

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    EUR/USD: ascending structure analysis

    Let's proceed with analysing EURUSD structure by means of a fractal function. On the upper diagram you can see a forecast for the pair's future movement, which has been projected to the real chart in a diagram below. Here we observe a small growth to the previous high at 1.3700/750, and then correction in the range 1.3630. After correction to the above mentioned reading, the price is likely to reverse to the up trend, so we expect quite a long growth to the range 1.3900/1.4000.

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    Forex4you

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