Forex4you Technical Analysis 03 Feb 2012

EUR/USD: Technical Analysis

Earlier breached uptrend (green) line held back the price from going back to the channel's sector. Trading declined below 1.3150/40 support, but the price is currently attempting to ascend again. Trading is carried out at 1.3160/50. Indicators seem to be more "bearish", although they are moving horizontally, suggesting further sideways movement within 1.3210/20 – 1.3080/90 range. 1.3080/70 support breakout will indicate strong "bearish" potential. If trades hold below 1.2900, we'll be expecting a reversal down. 1.3230/20 resistance breakout will be a signal to expect 1.3280-1.3300 levels to be tested anytime soon.

Analysis by: Arkady Nagiev
                    Forex4you analyst

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