8 January 2010
EUR/USD: technical analysis
The predictions of the previous analysis have become true completely; the price decreased to 1.4300-1.4290/80 where it met the strong support and has rolled back upward up to now residing at 1.4320. The indicators still stay in the preferences to the “bears” continuation – R% still stays within the oversold zone, SS is directed downward, though MACD is inactivated it decreases the histograms within the negative sector till new minimums. The current state may be estimated as maintaining the signal to the downward movement’s lasting, and the suggestions concerning the probable price downfall till 1.4240/50 still stay in force. Meanwhile, the power of the supports at 1.4300/1.4290/80 claims for the precaution and offers taking into account the probability of more massive rollback upward. The trades’ uplift higher than the resistance at 1.4370/80 will become the warning of such perspective exactly i.e., the reasons to presume the next exercise of the resistance at 1.4470/80 will appear.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
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