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Forex4you Technical Analysis 27 March 2012

EUR/USD: Technical Analysis

1.3280/90 support held back the price from further decline - trading recommenced growth and rose to the new local maximums. At the moment the price is testing level 1.3360/40, which now coincides with previously breached uptrend channel (red) line. "Bullish" attempt to push the price up to the channel's sector failed. Indicators are turned up again, giving reasons to expect more attempts to come. If the price succeeds, we'll be expecting a medium-term uptrend with the first target at 1.3480/90 and then at 1.3540/50 level. At the moment, however, the "bears" still have good chances to recommence a decline and test a secondary trend line (blue dashed line) as its first target.

Analysis by: Arkady Nagiev

Forex4you analyst

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