Friday, January 28, 2011

EUR/USD | Technical Analysis | 28 January 2011

EUR/USD | Technical Analysis | 28 January 2011

The forecast is much like yesterday’s in that the exchange rate is still pushing up against resistance from the underside of the long term trend-line from the June ’10 lows. It fell back this morning and found support at the redrawn trend-line from the 10th of January lows at 1.3680, where it is now.

If it breaks lower it would be expected to reach support and resistance at the 1.3630-40 level initially whilst a rally back up to the 1.3725 highs is also quite possible.


by Joaquin Monfort, Analytical expert , Forex4You © 2011

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