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Forex4you Technical Analysis 19/11/10

EUR/USD: Technical Analysis

Resistance 1.3640/50 had been a strong berrier for the "bulls" for a long time, yet it was breached and the trading is carried on around levels 1.3680/90. Indicators say in favor of the "bullish" trend, which suggests further growth. It's worth noting though, that there are several strong barriers on the way up - resistance range 1.3720/70 and level 1.3840. And even resistance 1.3840/50 breakout shouldn't be considered the final signal for the reversal to growth. Until resistance 1.3960/70 isn't breached, the "bears" still have big chances to regain their strength and take the leading positions. A decline can begin even from the current levels.

GBP/USD: Technical Analysis

Resistance 1.6040, mentioned previously as the key resistance, which would determine future direction of the price, had been breached, so the “bulls” should be considered dominating for the medium-term outlook. Indicators are turned upwards, which proves that the assumption about further growth is correct.  Nevertheless, the final sign for that will be growth above 1.6140/50, and even 1.6180/90. Until it happens, the “bearish” trend has all chances to recommence from currently tested resistance 1.6090.

Analysis by: written by Joaquin Monfort
Forex4you analyst

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