Forex4you Technical Analysis 01 Feb 2012

EUR/USD: Technical Analysis

The price failed to rise above 1.3210\20 level, so it retraced back down and breached a short-term uptrend (green) line. Having plunged to 1.3020/30 level, the price is now attempting to recommence growth. Trading is carried out at 1.3090/1.3100 levels. It's worth noting, however, that indicators suggest a reversal down and the fact that the above mentioned trend line has been recently breached proves that the "bullish" potential is weakening. If trading fails to ascend and hold above 1.3150/40, it will be another sign in favor of a possible reversal. The final signal will be received if the price drops and holds below 1.2900 line. On the other hand, if it holds above 1.3230/20 level, trading will recommence its growth and the price will test 1.3280-1.3300 levels in the near future.

Analysis by: Arkady Nagiev
                    Forex4you analyst

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