Forex4you Technical Analysis 10 Jan 2012

EUR/USD: Technical Analysis

The price approached 1.2800 resistance level and pulled back down. Trading is now carried out at 1.2745/50 level. Indicators have turned from "bearish" to neutral, suggesting further consolidation within 1.2810 – 1.2670/40 range, like expected. Earlier forecasts are still relevant - if 1.2810 level is breached, the next stop will take place at 1.2850/60 resistance. Medium-term outlook looks "bearish", the next target is likely to be found at 1.2370/60 level.

Analysis by: Arkady Nagiev
                   Forex4you analyst

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