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Forex4you Technical Analysis 19 April 2011

EUR/USD: Technical Analysis

Forecasts confirmed, the price breached 1.4250 support level and even made an attempt to breach it. It also failed to hold below 1.4350 level, though it did reach level 1.4160. At the moment trading is carried out at 1.4250/60 levels. Indicators are weakening their "bearish" readings", which gives enough reasons to expect reversal to growth. The uptrend channel (blue) line turned out to be a good support for the euro, so further price movements should depend the price position towards this indicator. Fixation below this level would suggest a decline to 1.4060/70 support. On the other hand, if "bulls" manage to bring the price back, above 1.4450 level, it'll be considered as a signal for reversal to growth.



Analysis by: Joaquin Monfort
                     Forex4you analyst

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