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Thursday, February 9, 2012

EUR/USD Intraday Technical Analysis and Trading Recommendations for February 9, 2012


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Last Monday, EUR/USD currency pair managed to make a bullish breakout of the marked bearish channel.
Our previously mentioned Head & Shoulders pattern failed to reverse the direction into bearish as the pair managed to break 1.3230.
Now the pair is moving sideways around the 38.2% Fibonacci level with no obvious decision of price action. However, Retest of the broken bearish channel at 1.3140 will be a good LONG entry.
SL should be placed below 1.3060 & TP should be at 1.3200, 1.3240, 1.3300, 1.3345.

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