FX.co ★ EUR/USD Bearish Outlook for February 29, 2012 (Daily Strategy)

EUR/USD

The euro-dollar pair has broken its uptrend line in the short-term and is showing bearish signals, if we look at the graph of four hours, the euro has formed a technical figure - double top. If the pair manages to close the quote of today, down from 1.3400, it will be a proof that it will continue until the fall to 1.3200 or 1.3150 to coinside with the 31.8% fibonacci retracement.

As shown on the chart, the Gap that I leave the week of Feb. 20 has not yet closed, therefore, I believe that before continuing to rise, you will need to cover this gap.

MCD indicator shows correcion imminent bearish sentiment.