6 January 2010
EUR/USD: technical analysis
The price downfall and its fixation lower than 1.4410/00 allowed the “bears” to exercise the support at 1.4300 having been mentioned in the previous analysis; however, the endurance of this level has instigated the purchases, and the trading has already returned upward till 1.4370/80 up to now. Nevertheless, the indicators are dragging their heels to alter their values in favor of growth, and it can obviously be estimated as the appointment to the pair’s growth being observed at the moment is of a retracement nature, and the comeback to the decrease will take its place in the shortest possible time. Meanwhile, if the “bulls” manage to push up the trades higher than the resistance at 1.4410 and further till 1.4440 as well the reasonable arguments to doubts in the power of the “bears” potential of the market will appear. Although, until the appearance of these events the descendant trend maintains its predominant positions, and the probability of the return to 1.4300 and further the decrease till 1.4240/50 as well still stay on the agenda.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
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