Forex4you Technical Analysis 12 March 2012

EUR/USD: Technical Analysis

Euro-dollar fell to 1.3100 in an Elliot 5th wave of the move which started at the end of February, as predicted. A 4th wave correction of the that final 5th appears to be unfolding currently. Once complete it is possible another wave lower – the very final 5th may once again re-touch the 1.3080 lows, however, equally possible would be that the last 5th is shorter than usual and is followed by a rapid corrective rebound, correcting the whole formation, and carrying perhaps to 1.3170 and then 1.3220.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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