Forex4you Technical Analysis 07 September 2012

EUR/USD: Technical Analysis

Eurodollar has moved up to the upper channel line and hit resistance. It has also finished an A-B-C formation and therefore it will probably fall from here, down to perhaps support at 1.2625, although there are no reversal signs from price yet. The other alternative is a move higher, however , this would constitute a breakout from the channel and is a little less likely. A strong move above 1.2695 or so might signal such a breakout with the monthly pivot at 1.2760 then in sight.

Analysis by: Joaquin Monfort
Forex4you analyst

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