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Forex4you Technical Analysis 26 March 2012

EUR/USD: Technical Analysis

Earlier concerns, that 1.3290 resistance may initiate another pullback down, seem to confirm. Having tested this key resistance, the price recommenced its decline and now resides at 1.3220/10 levels. Indicators are changing to more "bearish", which gives reasons to expect current decline to proceed down to 1.3100 support. If this barrier, together with the secondary trend (blue dashed) line are breached, trades will most likely fall to the new local minimums 1.2970, 1.2870 and then 1.2620. Medium-term reversal up will be possible only if the price retraces back to the uptrend channel sector (red lines).

Analysis by: Arkady Nagiev

Forex4you analyst

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