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Forex4you Technical Analysis 21 July 2011

EUR/USD: Technical Analysis
 
The price reached 1.4260 level and even made an attempts to breach it, but this resistance proved to be strong, so it failed and the price now resides at 1.4240/30 level. Indicators suggest growth, which gives enough reasons to expect another attempt to breach 1.4260 level, and, if it happens, further uptrend and growth towards 1.4370/80 and maybe even to 1.4560/50 levels. On the other hand, even though the bearish potential has weakened, there's still a chance for a downtrend and decline below 1.4200/10 will be the first indication of the change of sentiment and reversal towards 1.4000/10.
 
 
Analysis by: Arkady Nagiev
             Forex4you analyst
 
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