Forex4you Technical Analysis 16 Feb 2012

EUR/USD: Technical Analysis

Forecasts, expecting further decline to 1.3040/00 level confirmed. The price is currently testing 1.3000 support, mentioned earlier as the key barrier on the way down. Indicators are "bearish", so the above mentioned level may be breached anytime soon. If it happens, we'll have good reasons to anticipate a medium-term reversal down with the next targets found at 1.2900/10 and then at 1.2830/40 level. It's also worth noting, that the support, which is now being tested is strong enough to hold back the "bears" for quite a while. Reversal up, towards 1.3170/1.3200 range will cancel the "bearish" scenario.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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