Forex4you Technical Analysis 19 Feb 2013

EUR/USD: moving sideways

Eurodollar continues to consolidate in a narrowing sideways pattern as noted yesterday. It is supported by the 200-4hr MA, a trend-line and the neckline of a possible H&S pattern. The greater trend is still up and a break above the 1.3395 highs would indicate a recovery higher, targeting the 1.3480 level. A lot of support underpins price including the 50-day MA at 1.3270, and so it would require a move below this and the trend-line at 1.3245 for bearish confirmation of follow-through selling lower, with 1.2950 then in focus.

Analysis by: Joaquin Monfort
Forex4you analyst

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