Forex4you Technical Analysis 02 May 2012

EUR/USD: Technical Analysis

The eurodollar pair has fallen in another leg lower after reaching the 1.3285 highs yesterday. It will probably continue lower to a lower channel-line at 1.3150 where it may consolidate - or recover perhaps to 1.3200. A deeper sell-off might see us retest the neckline of the large head & shoulders pattern on the daily chart, and a break below that would see us well on our way into sub one-thirty territory.

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.