Forex4you Technical Analysis 28 Feb 2012

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EUR/USD: Technical Analysis

The pair corrected to 1.3380 support, mentioned earlier as the first key barrier on the way down. The level turned out to be hard to breach, so trading recommenced its growth and the price now resides at 1.3430/40 level. Indicators suggest weakening "bullish strength", which gives reasons to anticipate further consolidation within 1.3470/80 – 1.3380 range. If trades fall below 1.3410/15 level, we'll be expecting a decline to 1.3380 level with further possible plunge lower, probably to 1.3320/30 level. At the same time the "bullish" trend is still considered dominating, so another growth is also possible, probably to level 1.3540/50, mentioned in the previous analysis.

Analysis by: Arkady Nagiev

Forex4you analyst

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