Technical Analysis of Forex Charts is tricky thing. Sometimes multiple technical indicators can't tell you what direction will the market go and sometime by looking at just 1 indicator you can more or less guess the upcoming trend.

For example, if you look at 1 hr chart on EUR/USD, you can clearly see that the market is facing some strong resistance at 1.4400 levels. It tested this resistance level multiple times in last 2-3 days. And still the resistance level was not breached.

When I zoomed up at the forex daily charts of EUR/USD, I saw that in the past few weeks market tried breaking the level, but couldn't and reversed in the other direction.

To find out why that is, I started looking at the weekly charts, which showed the reason - And that is that market is currently facing touching the 61.8% fibonacci level of the major bearish trend that started in Oct-2008 and ended in Dec-08 which lasted for 3300 pips!!

So, looks like USD is again going to have a significant rally and may start gaining upper hand against major currencies such as EUR, GBP etc..

By the way, if you are looking a good forex swing trading system to capture good profits in such scenarios and to have consistent profits from forex market, you must check out my forex trading system called - Forex Success Formula.