Forex4you Technical Analysis 04 September 2012

EUR/USD: Technical Analysis

The EUR/USD is still in a counter-trend rally. It is unlikely to be the start of a new trend higher and therefore will probably roll-over. Currently there is a possibility the pair could be starting a move down to 1.2550. If it goes below there it would constitute a break of the neckline of a double top pattern and target 1.2475. If the trend continues tracking higher, however, it could also reach resistance from the upper channel line at 1.2650.

Analysis by: Joaquin Monfort
Forex4you analyst

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