Forex4you Technical Analysis 13 Jan 2012

EUR/USD: Technical Analysis

The price breached 1.2810 resistance. Level 1.2850/60 is currently holding back the price from further growth, trading is carried out at 1.2840/50. Indicators are mostly "bullish", which gives reasons to anticipate another ascension. It's worth noting, however, that the price now resides around significant resistance levels, which are strong enough to halt further upward movement. If trading falls below 1.2780/70 line, market sentiment will most likely turn "bearish", so we'll be expecting a reversal down and current local minimums -1.2660/70 levels - to be tested anytime soon after. Medium-term outlook looks to be bearish with the next target found at 1.2370/60 level. Even if the price proceeds with its growth, it will be held back by level 1.2900.

Analysis by: Arkady Nagiev
                    Forex4you analyst

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