Forex4you Technical Analysis 11 Jan 2012

EUR/USD: Technical Analysis

The counter-trend rally in EUR/USD is extending, although gains seem to be capped at 1.2800 where resistance from the lower line of the wedge pattern continues to stifle upside. There seems to be some underlying strength in the correction and it is too early to indicate further downside yet, although a bear move to the lows at 1.2665 is entirely possible.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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