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

February 9th, 2012 Leave a comment Go to comments

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.

 

 

The material has been provided by Instaforex Company – instaforex.com
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Categories: Forex Analysis Tags: Analysis, EUR/USD, February, Intraday, Recommendations, Technical, Trading
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