DAILY ANALYSIS FOR EUR/USD

Resistance:	1.3697,	1.3736-66,	1.3799,	1.3838-83
Support:	1.3650,	1.3618	1.3585,	1.3548

Bias: The 1.3697-05 resistance is the key pivotal point here - if this breaks expect a strong rally - else look for new lows. Please read the attached PDF file which provides more detailed analysis

Daily Bullish

While the rush back down to 1.3595 has potential to extend losses I am not so certain. There is support at 1.3650-55 and if the 1.3697-05 resistance breaks expect a sustained rally. This should quickly rally back above 1.3436-66 and 1.3799 and back to around the 1.3838 high. This may well provide a temporary stalling point but overall, depending on how quickly this develops I will be looking for extension to 1.3883 at least. The next larger targets are at 1.3945 and 1.4004.

Medium Term Bullish 8th February:    While medium term momentum looks so bearish I'd rather hold off from a bullish stance until the 124.60-92, 125.81 and 126.69 resistance levels are broken.

Daily Bearish

The upside failure almost looks certain to follow-through below 1.3585 but I would recommend waiting. Until the 1.3585-95 lows break there is still a question mark over this decline. If seen then look for extension to 1.3517. Cautiously I feel this will hold for a correction higher. While it remains below the 1.3580-00 resistance then look for eventual extension to the 1.3433 area minimum and on a strong extension to 1.3398.

Medium Term Bearish 12th February:   While the 1.3866-83 area can cap we cannot ignore the bearish threat. From this area a move back lower could easily retest the 1.3585 low and then extend to the original target at 1.3433-70 and possibly 1.3398. However, this now looks a stronger support for a larger reversal.