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Forex4you Technical Analysis 01 June 2012

EUR/USD: Technical Analysis

Bearish trend recommenced, trading is currently carried out at 1.2340/30 level. Indicators suggest further downtrend, which gives reasons to expect earlier forecast to confirm. Decline towards 1.2240/50 support is the most possible scenario. If this barrier on the way down doesn't hold back the bears, level 1.2160/45 will be tested next and the price will most likely commence its decline towards 2010 minimum - level 1.1880/90.

Analysis by: Arkady Nagiev

Forex4you analyst

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