Forex4you Technical Analysis 02 Feb 2012

EUR/USD: Technical Analysis

The price managed to ascend above 1.3150/40 level, but 1.3210/15 line hindered further growth, so the price is now likely to retrace back under 1.3150/40 support. Indicators are turning down, giving more reasons to anticipate a reversal down. If the pair continues to decline and the price tests earlier breached uptrend (green) line as a resistance and pulls back, we'll be expecting a highly possible reversal. 1.3080/70 support breakout will be the first sign for the growing "bearish" potential, decline below 1.2900 level will be another strong sign. If 1.3230/20 resistance is breached, levels 1.3280-1.3300 will be tested anytime soon after.

Analysis by: Arkady Nagiev
                    Forex4you analyst

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