Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forex4you Technical Analysis 05 January 2011

EUR/USD: Technical Analysis

This pair rolled over from its highs in the 1.3430s yesterday and then fell to lows in the 1.3230s. It has probably reached a level now where it may begin correcting the decline and the move down looks complete. There is the potential for a counter-trend push back up to the 1.3320s before any further downside. The support and resistance levels and trend-line in the 1.3150 area could well provide a bearish target if there is a move down after that.

Analysis by: written by Forex4you analyst

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.