7 January 2010
EUR/USD: technical analysis
The price has made an attempt to start the growth and even broken through the resistance at 1.4410; however, the main “stumbling rock” on its way upward – the resistance at 1.4440 mentioned in the previous analysis hasn’t allowed the “bulls” lasting their parade, and the trading returned downward – it’s carried next to 1.4360/50 now. The indicators came back to the values in favor of the decrease – R% fell down into the oversold zone, SS reversed downward, and MACD lowered the histograms down to the negative sector. This situation can be obviously estimated as signaling about the downward movement continuation to 1.4330 in the shortest possible time and further to 1.4300 as well. The downfall to 1.4240/50 is also quite probable though a bit later as there’s the risk of let-up at 1.4300-1.4290/80.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
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