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Forex4you Technical Analysis 28 March 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Mar 28, 2011.

  1. forex4you

    forex4you New Member

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    EUR/USD: technical analysis
    The EUR/USD pair has fallen to just above an important trendline reaching back to the January lows. It will probably fall a little further to meet the trendline currently situated at roughly 1.3980 which also coincides with a monthly pivot line. From there, there is a good possibility of a bounce, and the level of the monthly pivot at 1.4131 could supply a possible target.

    http://forex4you.ninjacdn.net/charts/EURUSD280311.png

    EUR/USD: technical analysis
    Trading remained within 1.4250 –1.4060/50 range, as expected. The price failed to breach 1.4060/50 support level and hold below, so now trading is carried out at 1.4070/80. Indicators have changed their readings, suggesting that new attempts to decline to 1.4050 level may be observed. Should the price fall below this level, we'll consider it as a sign of a possible change of trend to the "bearish". Previous forecasts are still relevant - 1.4010/00 up trend line (blue line) breakout followed by 1.3850/80 level breach may initiate a reversal to a down trend in a medium-term. Further growth will indicate attempts to test a long term down trend line (red line) around 1.4300/1.4290 levels, where the price will most likely meet a strong resistance.

    EUR/USD: fractal analysis
    In order to to track the chronology, let's first take a look at the previous analysis, where we'll see structurally fromed contitions for reversal. As for the current situation, for the 28th of March, this fractal version is still relevant, and we expect a decline to the key 1.3800-1.3750 range.

    Forex Trading
    Analysis by: Joaquin Monfort
    Forex4you analyst

    Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
     
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