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Thursday, February 2, 2012

EUR/USD Intraday Technical Analysis & Trading Recommendations for February 2, 2012


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Last Wednesday, EUR/USD made a strong bearish breakout of the bullish channel marked in brown with a Full Body Long bearish 4H candlestick marked on the chart.
Retesting of the broken channel took place yesterday failing to fixate within the broken channel again.
Yesterday we suggested selling the EUR/USD pair at 1.3155 with TP levels at 1.3105, 1.3060 then 1.3000.
Today bearish reaction towards the lower limit of the broken channel is manifest within the marked H1 candlestick opening the way to the lower limit of the newly formed bearish channel at 1.3030 initially.
Price action towards 1.3030-1.3000 should be watched in order to determine the next target for the pair, as its break will lead to 1.2950 then 1.2880.


 
InstaForex
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