Forex4you Technical Analysis 09 August 2012

EUR/USD: Technical Analysis

Eurodollar is still stuck plum in the centre of a range. Currently it is falling and looks set to re-test yesterday's 1.2325 lows and probably even reach support at 1.2305. A bearish topping pattern has also formed. As stated before a break below 1.2300 would be a very bearish sign and open the way to 1.2210; whilst a breach above 1.2386 could see a short-covering recovery to the range highs at 1.2445.

Analysis by: Joaquin Monfort
Forex4you analyst

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