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Forex4you Technical Analysis 07/12/10

EUR/USD: Technical Analysis

Support at level 1.3250/40  stopped a decline and initiated a reversal to growth. The price currently resides at 1.3370/80. During the current growth the price raised above a down trend channel line (red lines), which is a strong sign, saying in favor of further upward movement. Indicators prefer growth too, but there is a strong resistance on the "bullish" way, which is at level 1.3410/00, that has already proved to be strong enough and has all chances to withstand the "bullish" attacks this time again. If the level is breached, the next to check the "bullish" trend strength will be level 1.3460/50 -1.3490, which is the key level on the way up.  It's breakout will be a signal for the reversal to the medium-term bullish trend.




Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst

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