Forex4you Technical Analysis 20 Feb 2013

EUR/USD: bullish break

Yesterday's narrow sideways range eventually led to a break out which broke through the down-sloping trend-line. There is an immediate upside target of 1.3480 but eventually also 1.3515 – the target from the breakout. If the pair falls back down, however, it will probably re-touch the 1.3220 lows, but the thick clusters of support underneath are likely to inhibit further downside.

Analysis by: Joaquin Monfort
Forex4you analyst

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