Technical analysis EUR/USD 8 February 2013

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Price reduction has resumed and was at levels 1.3370/80. Breakdown of the support range 1.3455-1.3420 significantly increased the likelihood of the scenario noted earlier about the possible continuation of the downward movement to the lower levels – 1.3270/60. Now there is a rebound from yesterday’s day lows – trade returned to a broken down level and is already testing 1.3420 as resistance. Indicators remain evidence of priorities of the “bearish” sentiment, increasing expectations of further price reduction to targets at 1.3270/60 in the correction to the recent growth. The failure to return  of trading to the area above resistance levels 1.3455-1.3420 give reason to believe that the 1.3270/60  support will be tested for strength in the near future. Rise above the level of trades 1.3560/70 GBP/USD will signal the end of the correction, or the end of the formation of the first part.

EUR/USD - 08/02/13

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Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!