EUR/USD: Technical Analysis
Earlier forecasts confirmed - the price declined to the auxiliary trend line (blue dashed line) and then reached level 1.3100/05, which proved to be a strong resistance, so trading pulled back up and now resides at 1.3240/50 level. Indicators suggest a downtrend, which gives enough reasons to anticipate another decline and 1.2970/80 support test. However, currently tested level may halt dissension or even initiate further correction. To recommence their trend the bulls will have to lift the price at least above 1.3290/1.3300 level.
Analysis by: Arkady Nagiev
Forex4you analyst
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Forex4you Technical Analysis 05 April 2012
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