Forex4you Technical Analysis 07 February 2013

EUR/USD: possible uptrend resumption

The EUR/USD pair has spiked higher this morning and will probably continue. An initial target would be at 1.3655 followed by the 1.3715 highs. The move may be signalling a resumption of the up-trend, however, it is a little early to say, as much volatility is expected latter when the ECB releases its rate decision at 12.45 GMT. Alternatively a break of the neck-line at around 1.3470 could signal an extension of the bearish correction down to 1.3300.

Analysis by: Joaquin Monfort
Forex4you analyst

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