Forex4you Technical Analysis 05 January 2011

EUR/USD: Technical Analysis

This pair rolled over from its highs in the 1.3430s yesterday and then fell to lows in the 1.3230s. It has probably reached a level now where it may begin correcting the decline and the move down looks complete. There is the potential for a counter-trend push back up to the 1.3320s before any further downside. The support and resistance levels and trend-line in the 1.3150 area could well provide a bearish target if there is a move down after that.

http://forex4you.ninjacdn.net/charts/EURUSD050111.png

Analysis by: Forex4you.com written by Forex4you analyst

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