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Forex4you Technical Analysis 3 August 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Aug 3, 2011.

  1. forex4you

    forex4you New Member

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    EUR/USD: technical analysis
    The price failed to decline lower - having tested 1.4140 level it retraced upwards and is currently testing 1.4260/50 resistance level. Indicators are turning up, which gives resons to expect the price to recommence its growth. To make it happen, however, the price has to first ascend and pass a significant resistance at level 1.4330-1.4250/60, or even rise above 1.4370/80. Until it happened, the bears will keep their leading positions in the market and have higher chances to bring the price towards level 1.4000. As for the closest outlook, sideways correction is a more likely event. Nevertheless, even if the bulls succeed with their trend, they won't probably manage to reach new local maximums anyway - 1.4450 resistance level is a strong barrier on the way.

    forex4you
    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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