Forex4you Technical Analysis 25 Feb 2013

EUR/USD: channeling down

The pair has been channelling down since the start of February. It has just reached the lower line of the channel and the monthly pivot and has rebound. It will probably bounce back up to the upper channel line at 1.3300 next, with further tougher resistance also at 1.3330. Eventually it will probably resume its down-trend, however, with the key 1.2950 level marked as a probable downside target for the move.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.