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Forex4you Technical Analysis 07 Feb 2012

EUR/USD: Technical Analysis

Earlier forecasts, expecting 1.3040/30 support level to halt the "bearish" movement and push the price back to 1.3210/20 - 1.3080/90 consolidation range confirmed, so the price now resides at 1.3130/49 level. Indicators are unclear, suggesting rising uncertainty in the market. 1.3080/70/1.3040/30 support levels breakouts will be a signal to anticipate further downtrend towards 1.3000 and then to 1.2900 level. 1.3230/20 resistance breakout will give reasons to anticipate 1.3280-1.3300 levels tests anytime soon.

Analysis by: Arkady Nagiev

Forex4you analyst

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