Forex4you Technical Analysis 23 March 2011
EUR/USD: Technical Analysis
Resistance 1.4250 level hindered growth, so the price now consolidates around level 1.4170/50. Indicators are turning down, suggesting to expect further decline. Yet, current pull back should be considered a correction within the up trend. Sideways movement in the range 1.4250 – 1.4130 is also quite a possibility, support level for this range may be moved lower, to 1.4060/50 level. A steeper decline will be considered as a signal to the change of sentiment in the market. Signals for reversal are the same - decline below 1.4010/00, and then level 1.3850/80 breakout - up trend line (blue lines). In case growth continues, the next strong resistance stands an 1.4300/1.4290 level, which matches with a long-term down trend line (red line).
GBP/USD: Technical Analysis
The price continued to grow, but only made it to 1.6400 level and then pulled back downwards, so now it resides at 1.6320/10. Indicators changed direction, suggesting further pull back down. If trading moves below the previously breached long-term down trend line (green line), we'll consider it as a sign of the weakening "bullish" potential. Until it happens, growth to 1.6450/60 or even to 1.6570/90 is still the highest possibility. 1.6140/50 – 1.6100 support range breakout would indicate a change of sentiment.
Analysis by: Arkady Nagiev
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