Forex4you Technical Analysis 04 May 2012

EUR/USD: technical analysis

The price kept on consolidating within earlier reached minimums. If trades escape from the bearish flag, which is currently being formed, the price will most likely drop towards 1.3060 support and then to 1.3000 level. Indicators say in favor of such scenario. As for the current session, it's worth taking into account the US upcoming employment report, which can become a significant driver for the market. Therefore, we suggest being careful and keep an eye on open positions. Medium-term uptrend is a possibility, but only if sentiment changes and the price holds above 1.3290/1.3300 resistance.

Analysis by: Arkady Nagiev
Forex4you analyst

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