Forex4you Technical Analysis 02 Jan 2012

EUR/USD: Technical Analysis

The EUR/USD is consolidating at the lows which might indicate a correction in prices. Wave analysis points to the possible completion of a cycle at the current lows and a rebound possible. Strong momentum convergences and an inverted H&S on RSI also indicate there may be a bounce, and 1.3000 provides the first target. The overall trend is still down, however, and it could resume at any time and if there is a break down it could target support in the 1.26s initially.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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