Technical analysis EUR/USD 26 March 2013

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Technical analysis

The price dropped below 1.2970/80 support on yesterday’s session, which indicated the resumption of the downtrend. The trading dropped to 1.2840/30 support and is currently testing this obstacle for further breakdown. The current price is now at 1.2850/60. Most indicators have changed and the expectations of further price fall remain dominant. However, the horizontal SS stroke indicates that lateral consolidation may continue due to the strength of support, which is being tested now. Should the pair break the level of 1.2840/50, this will signal a high probability of testing the next target at 1.2670/50 in the near future. Another intermediate obstacle on the pair’s way can be the support at 1.2760/50. Should the pair rise above resistance at 1.3270/80, this will signal a radical change in the market sentiment.

EUR/USD - 26.03.13

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About Author

Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!