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Old 23rd February 2012, 18:15
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Default EUR/USD Intraday Technical analysis 2012-02-23


The spot rate is currently testing the upper limit of its medium term bearish channel in 1.3280 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend.

Technical indicators provides buyers signals but approaching to the overbuy zone supporting the assumptions of a decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3280 with a 1st objective of 1.3350, then 1.3380. A break in 1.3260 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group 2007-2012
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