Forex Technical Analysis & EUR/USD Forecast for March 1st, 2012

The EUR/USD currency pair reached the closest targets of the fall, it didn’t continue moving downwards. Currently the pair is testing local maximums. At the RSI we can see the formation of “head & shoulders” reversal pattern. We should expect Euro to fall from the current levels, the target of the fall is the area of 1.3105. One can consider selling the pair with the tight stop. If the price breaks the descending channel’s upper border, this case scenario will be cancelled.