Forex4you Technical Analysis 07 March 2012

EUR/USD: Technical Analysis

The euro-dollar is currently correcting the recent decline. It has almost reached a band of resistance at the 1.3170 level where it might reverse and a move back down to the range lows at 1.3105. Some consolidation with more corrective rallies is forecast thereafter - and possibly even a move up to 1.3200. Eventually, however, the pair will probably resume the down-trend given the recent breakdown from out of its bullish channel, and the support at 1.3050 provides an initial downside target for such a move.

Analysis by: Arkady Nagiev
                    Forex4you analyst

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