Forex4you Technical Analysis 06 Feb 2012

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EUR/USD: Technical Analysis

The price stayed within 1.3210/20 – 1.3080/90 range, like expected. Trading is currently attempting to hold below the range's support and it's being carried out at 1.3060/50 level. Indicators have turned more down, suggesting further decline. 1.3080/70 support breakout will be the first sign of strengthening "bearish" potential. If the price successfully holds below, we'll be expecting the "bearish" movement to continue. In this case the price will test 1.3000 level anytime soon. On the other hand, 1.3040 support is strong enough to halt the bears and push the price back to the sideways range. 1.3230/20 resistance breakout will indicate the alternative scenario, where trading is anticipated to test 1.3280-1.3300 levels.

Analysis by: Arkady Nagiev

Forex4you analyst

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