Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forex4you Technical Analysis 22 June 2012

EUR/USD: Technical Analysis

Short-term uptrend (blue) line has led the price to 1. 2520/00 support, like expected, where it still resides, attempting to test this barrier. Indicators suggest further decline. The only question is whether the bears manage to breach 1.2520/00 level or not. If they do, the price will drop further down to 1.2430/15 level, and then to local minimums, found at 1.2280/70 support. Should trading retrace above 1.2650 resistance, the alternative scenario will come into play, and the price will most likely climb towards 1.2800 level.

(click to enlarge)Click to enlarge

Analysis by: Arkady Nagiev

Forex4you analyst

Disclaimer:

Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.