Forex4you Technical Analysis 21 Feb 2012

EUR/USD: Technical Analysis

Earlier analysis confirmed - the price has ascended towards the uptrend channel (blue dashed) line and is currently testing its strength as resistance. Trading is carried out at 1.3260 level. With no significant changes made to the structure, previous forecasts still apply - growth can continue up to 1.3310/05 level, without making any harm to the "bearish" potential. Growth above 1.3320/25 level will indicate possible ascension towards new local maximums at – 1.3415, 1.3450/701 levels. However, the price hasn't retraced to the uptrend channel yet, which means that the "bearish" scenario and further decline to 1.2900/10, 1.2830/40 targets is a higher possibility.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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