EUR/USD Intraday Technical Analysis & Trading Recommendations for January 27, 2012 ^2012-01-27

Yesterday EUR/USD was testing the upper limit of the bullish channel at 1.3165, when we suggested a short position.

Two TP levels at 1.3110 and 1.3080 got hit during the last few hours.

Now we have a SUPPLY zone between 1.3132-1.3180 which is being retested now giving another opportunity to go short again.

We may have a "Head & Shoulders" reversal pattern being formed now to be confirmed with closure below the neck-line at 1.3075 targetting 1.2980.

TP should be located at 1.3100, 1.3075, 1.3030 then 1.3000 & SL for the short position should be located above 1.3205.

Performed by Mohamed Samy, Analytical expert InstaForex Companies Group © 2007-2012