Forex4you Technical Analysis 01 March 2012

EUR/USD: Technical Analysis

Wednesday's strong move down has reached solid support from the R1 monthly pivot. Whilst it is possible that the sideways move will continue (between 1.3315 and 1.3355) there is a strong possibility the move down has further to go. One way of determining how far might be to use the double top pattern at the highs as a measuring stick. By extending this down we get a target of 1.3240, which is also at the level of a past consolidation zone and would be expected to provide additional support.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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