Forex4you Technical Analysis 01 February 2013

EUR/USD: rallying

The EUR/USD pair is in a strong uptrend which will probably continue higher, with the next target at 1.3785 where the monthly pivot and the target from the trend-line break are situated. The 1.3540 trough low is key and would have to be breached for confirmation of more bearish action with a major support level situated at 1.3400.

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.