Forex4you Technical Analysis 29 Dec 2011

EUR/USD: Technical Analysis

The price reached 1.2900 target, mentioned in the previous analysis. The "bears" are now making attempts to breach this support. Trading is being carried out around 1.2910/15 levels. Indicators suggest a downtrend, so the "bearish" attempts have all chances to turn out successful. If the barrier is breached, the next target will be found at 1.2800/20 level. On the other hand, the price has recently approached its yearly minimums, which means that a cluster of significant supports may push the trading up, so that the price will retrace to level 1.3000, which has already become a strong resistance, and then consolidate sideways.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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