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Forex4you Technical Analysis 24/08/10

EUR/USD: Technical Analysis

The pair is descending, like it had been mentioned in the previous commentary, the price tested the first support 1.2620 and is now making attempts to breach it. Indicators’ readings are saying in favor of such turn of events, and level 1.2540 is going to be the next barrier on the way downwards and will probably be tested in the nearest time. At the same time, we also have to pay attention to MACD divergence, which is obviously a signal to an upcoming pullback upwards. There are chances, that it happens after level 1.2540/50 testing. If the trading fixes above 1.2730, we’ll be expecting a reversal to the uptrend.



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

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