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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