Forex4you Technical Analysis 23 Feb 2012

[forex4you]

EUR/USD: Technical Analysis

he EUR/USD pair has broken-out from the triangular consolidation in the opposite direction to that which was expected - rising rather than falling. Highs of 1.3342 have been reached where the R1 monthly pivot is situated but the exchange rate was repelled back down, and it may well fall to support from the top of the range and the weekly pivot at 1.3285, before mounting another rally, with further gains to 1.3380/1.3400 targeted next.

Analysis by: Joaquin Monfort

Forex4you analyst

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[Tanzil Al Banna]

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