Forex4you Technical Analysis 06 September 2012

EUR/USD: Technical Analysis

Eurodollar has reached a strong level of resistance at the 1.2625 mark where price has been repulsed several times before. A shooting star candlestick has already formed on the hourly chart and if a move lower evolves then it will probably reach support from moving averages at 1.2565. A move to the bottom of the range at 1.2510 is also possible. Another possibility is a move higher to the top of the channel at 1.2650 – or even an upside breakout given the volatile news potential of the day.

Analysis by: Joaquin Monfort
Forex4you analyst

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