Forex4you Technical Analysis 08 Feb 2012

EUR/USD: Technical Analysis

The EUR/USD broke out of its range and rose yesterday and now it is consolidating and will probably pull-back to the range highs at 1.3220 and possibly to 1.3150 thereafter if the correction gathers strength. After that the move up will probably resume with the price objective for the breakout from the box at 1.3615, which is the same level as the upper channel line, although strong resistance at 1.3340 from pivots could cap gains temporarily.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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