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Forex4you Technical Analysis 15/12/10

EUR/USD: Technical Analysis

Key resistance 1.3450/60 proved its strength and didn't let the price go further, so it returned to a decline. Indicators are turning down, though the readings are still unclear and vague. Considering this fact, we recommend to be cautious regarding future outlook. Fall and fixation below 1.3320/10 will initiate further decline to 1.3150/40 with a possible fall to the lower supports at 1.3050/60, 1.2980/70. Reversal up, above 1.3400/10 means that the "bullish" potential is still there. If so, we'll be expecting new attempts to rise above 1.3450/60.



GBP/USD: Technical Analysis

Attempts to go beyond level 1.5900/1.5890 failed, so the price returned to 1.5710. This level has been quite a good support recently, as well as today - the level has prevented the "bears" from further decline, so the price bounced to 1.5340/45, where it currently resides. Indicators suggest a downward movement. In this case it's worth considering support 1.5310/00 breakout as a signal to further decline to minimums at 1.5480/90, with possible stops at 1.5650, 1.5590, 1.5530. A reversal to the "bullish" trend is only possible if the trading rises above resistance 1.5840.



USD/JPY: Technical Analysis

Reversal below support 83.90 triggered not only further decline to 83.40, but also initiated a plunge to 82.90/80. This support has stopped the "bears", so the trading is now carried out at 83.80/95. To proceed with their growth the "bulls" have to pass a challenging range 83.95 – 84.40. Indicators are being unclear, which suggests a possible sideways correction with support at 83.60/50. The breakout of the above mentioned key resistance will give reasons to expect growth to 84.80/85.00. Level 83.40/30 breakout is likely to initiate a new fall to level 82.80/90 .




Analysis by: Forex4you.com written by Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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