Forex4you Technical Analysis 22 Feb 2012

EUR/USD: Technical Analysis

The bearish analysis from yesterday still stands. The technical situation has not altered given the sideways market activity. There is still a head and shoulders pattern at the highs – with a smaller pattern on the 30min, still resistance from the bottom of a major channel and the gap from Monday remains unfilled. The pair will probably fall to 1.3160, filling the gap and then perhaps to the larger H&S neckline at 1.3025.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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