Forex4you Technical Analysis 27 Dec 2011

EUR/USD: Technical Analysis

The corrective pull-back this morning has signalled a short-term reaction. Despite a bigger picture which remains bearish the current rally may still go a little higher, to perhaps either 1.3085 or if particularly strong then the cluster of pivots and resistance levels at 1.3150. After that the broader down-trend should resume, with the old lows at 1.2950 targeted eventually.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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