Forex4you Technical Analysis 29 Dec 2011

EUR/USD: Technical Analysis

A break of trend-line has opened the way down to support clustered at the 1.3365 consolidation lows – although 1.3400 could be a nearer target. After that, my preference is for higher moves as we seem to be in an ending diagonal, which could reach as high as 1.3600/25 where the channel line linking the August and October tops is situated (1.3600) and perhaps the 61.8% extension of A-B (1.3627).

Analysis by: Joaquin Monfort
                    Forex4you analyst

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