Forex4you Technical Analysis 08 June 2011

EUR/USD: Technical Analysis

Growth continued, the price reached a new local maximum at level 1.4695. At the moment trading is carried out a little bit lower, at level 1.4670/80. Indicators are turned up, but currently formed MACD divergence suggests to consider a stop and a pullback downwards, or maybe even a reversal. However, previous forecasts may still confirm - target still stands at 1.4860/70 level, strong 1.4790/70 resistance on the way up has all chances to become a starting point for a downward movement. Decline below 1.4460/30 support level will obviously indicate the change of sentiment in the market and the beginning of a medium-term downtrend.

Analysis by: Arkady Nagiev

                   Forex4you analyst

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