Forex4you Technical Analysis 30 Dec 2011

EUR/USD: Technical Analysis

The EUR/USD is forming a base which looks like an inverted head & shoulders pattern and could indicate a correction in prices to come. Strong momentum convergences are also signalling a possible bounce – with a target at the channel line at 1.2970. The overall trend is still down, however, and it could resume at any time with a target at the 1.2855 lows, where the monthly pivot supports. The mix of evidence could also point to a sideways movement as well.

Analysis by: Joaquin Monfort
                   Forex4you analyst

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