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Forex4you Technical Analysis 4 March 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Mar 4, 2011.

  1. forex4you

    forex4you New Member

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    GBP/USD: technical analysis

    Support level 1.6260/70 was breached, giving reasons to expect support levels at 1.6220/10 and then at 1.6140/50 to be tested in the near future. The price has recently come close to the first barrier, it now resides at levels 1.6240/30. Indicators turned their readings downwards, suggesting further down trend. Nevertheless, the "bulls" still have chances to recommence their growth and raise the price to the new maximums at 1.6450/80, mantioned previously. Growth above level 1.6300 will indicate the "bullish" victory.

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    EUR/USD: technical analysis

    Resistance breakout at 1.3900 would indicate the "bullish" dominating trend. The price rose to level 1.3950/60 and it's currently consolidating right around this resistance level. Indicators suggest further growth to the next resistance - level 1.4080/40, which may not only hinder growth, but trigger a large scale pull back downwards as well. Even a reversal is a possibility. A fall below strong support level 1.3900/1.3880 will indicate a more serious decline. Resistance breakout at 1.4080, on the other hand, suggests growth to the range 1.4250-1.4350.

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    Forex
    Analysis by: Joaquin Monfort
    Forex4you analyst

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