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

Forex4you Technical Analysis 28 Feb 2013

EUR/USD: possible bearish resumption

Eurodollar rebounded off yesterday's lows breaking above 1.3120 and beginning a weak rally higher. It has now rolled over however and is in the process of pulling back. It will probably correct back further or even renew its down-trend. If it breaches the 1.3050 lows then that would confirm the bearish resumption, perhaps down to 1.2900, the target for the head and shoulders top. A rebound, however, would see a move up to the 1.3200 level where the upper channel line is situated.

Analysis by: Joaquin Monfort

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.