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Forex4you Technical Analysis 9 February 2011

Discussion in 'Technical Analysis' started by forex4you, Feb 9, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    GBP/USD: technical analysis

    The price breached the trend line of the upper channel (blue lines) and it's currently testing an auxiliary line (blue dashed-line), which matches with the key support level 1.6060. Indicators turned even more "bearish", which gives reasons to expect a decline. However, until the price holds below 1.6060, the "bulls" still have good chances to recommence their trend with the target at 1.6330/20, mentioned in the previous forecast. Decline below level 1.6060 will be the indication of a stronger "bearish" sentiment. Fixation below level 1.5750 will be a sign that medium-term growth is over.


    EUR/USD: technical analysis

    Range trading in the pair is likely to continue and the price remains within 1.3700-1.3530. Having tested level 1.3690, the price reversed down, so it's currently consolidating at level 1.3630/40. Indicators are changing their reading to "bullish", and it's not only seen in R%, but in SS and MACD as well, suggesting a highly possible reversal to growth. The "bullish" trend is considered dominating, unless corrected up trend channel line (blue lines) is breached. Growth above level 1.3780 will indicate a reversal to the up trend with the first stop at 1.3900/10. However, there are still risks of the "bearish" invasion, and decline below level 1.3500 will indicate serious changes. Fixation below support 1.3450/60, or even better - below level 1.3400, will be a signal to the reversal.


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