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Forex4you Technical Analysis 19 Jan 2012

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By forex4you
in General Forex Discussions

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EUR/USD: Technical Analysis

I remain stubbornly bearish on EUR/USD despite the counter-trend rally continuing and making new highs above 1.2900. There is strong resistance on the monthly chart and the recent range highs, and marked divergence on MACD so a resumption of the down-trend is probable, with support at 1.2780 as the next target.

EURUSD190112.png

Analysis by: Joaquin Monfort

Forex4you analyst

Disclaimer:

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.

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