Forex4you Technical Analysis 02 March 2012

EUR/USD: Technical Analysis

Seems like the "bearish" scenario commenced, like expected - the price declined, breached 1.3300/1.3290 level and fell further down to level 1.3250/60, where it still resides. Indicators are "bearish", which gives enough reasons to anticipate 1.3240/30 level - the uptrend (red) line to be tested anytime soon. However, strong 1.3200/1.3190 support on the way may hold a decline for quite a while. Growth above 1.3380 will cancel the trend.

Analysis by: Arkady Nagiev
                    Forex4you analyst

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