26 June 2009
EUR/USD technical analysis
“Bears” failed to consolidate a price in downward channel sector (blue lines), and bidding rising above 1.3980/90 gave “bulls” opportunity to test out resistance of 1.4080/70, mentioned in a previous commentary, as for now bidding goes on a level of 1.4030/40. Indicators mirroring obvious uncertainty on market – R% went up. But in marks possibility for turn-around, SS continuing its way down, and MACD though not lowered into the negative sector, rising up its histograms not so confident. Without a doubt in this situation we can suggest consolidation of a price in corridor with resistance level of 1.4080/90 and support level of 1.3900 with the risk of regular attempts to breakdown into the downward channel, mentioned above. If this time they will be lucky and also support of 1.3880/70 will be overcome, that the question with “bear” continuation will be solved, and level test of 1.3700 will become close futurity.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
