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Forex4you Technical Analysis 29 March 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Mar 29, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    EUR/USD: technical analysis
    This pair has been rallying since yesterday. The 3 x 0.0015 box chart gives an upside count of 1.4385 from the reaction lows of March 11th, but there is a major resistance high at 1.4280,which provides a closer target. The 3 x 0.0005 chart gives a upside count of 1.4145 out of the fulcrum bottom yesterday which has already been met. It is possible there may a correction before further rallying - perhaps back to the trendline at 1.4100.


    EUR/USD: technical analysis

    The price failed to hold below 1.4060/50 level, so it recommenced growth and now resides at 1.4130/40 level. This may be deemed as further consolidation within 1.4250-1.4060/50 range with a possible long-term down trend (red) line test around levels 1.4300/1.4290. However, indicators don't say in favor of future growth, so ascension to 1.4300 level is a very small possibility, and the price will most likely return to a decline from 1.4220/50 level. If growth continues anyway, strong resistance at 1.4300/1.4290 level will trigger another stop and a pull back downwards. 1.4010/00 up trend channel (blue) line and support 1.3850/80 levels breakouts will be the final signal to the change of sentiment in the market .

    GBP/USD: technical analysis

    The price started to correct from 1.5930/20 support level, like it had been previously forecast. Having tested this level, the price pulled back upwards, and it currently resides at 1.6920/30. Indicators changed some of their readings, R% and MACD are turning up, which suggests us to expect further pull back upwards as a part of correction. There are also chances, that resistance 1.6100-1.6150 range will be tested in the near future. If the price rises and holds above 1.6220/30 level, we'll be expecting the change of trend. In case 1.5930support level is easily breached, the next stop is likely to be at level 1.5840/50.

    Forex Trading
    Analysis by: Joaquin Monfort
    Forex4you analyst

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