Forex4you Technical Analysis 01/12/10
EUR/USD: Technical Analysis
The euro-dollar pair found a temporary bottom yesterday at 1.2960 and has been rising since then reaching back up to 1.3090. Given the weakness of the recent pullback I think the countertrend rally could extend further, possibly to the 200 Day MA at 1.3125 or to the underside of the trend-line up from June at 1.3275ish. After that, however, it will probably rollover and make new lows.
EUR/JPY: Technical Analysis
This pair has put in a temporary bottom at 108.50 and since then has been rising. I see a pullback in the short term, perhaps to 109.35 and if the pullback is particularly strong then it could be the beginning of a resumption of the trend down, otherwise I think it will base and there will be a final rally higher to the 110s possibly even 110.80 and the monthly pivot. The move down from the November 5 highs looks like a zigzag in which Wave C may not have completed unfolding because it is currently shorter than the average. To reach average length it would have to decline to past 107.20 point (equality with A).
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
The euro-dollar pair found a temporary bottom yesterday at 1.2960 and has been rising since then reaching back up to 1.3090. Given the weakness of the recent pullback I think the countertrend rally could extend further, possibly to the 200 Day MA at 1.3125 or to the underside of the trend-line up from June at 1.3275ish. After that, however, it will probably rollover and make new lows.
EUR/JPY: Technical Analysis
This pair has put in a temporary bottom at 108.50 and since then has been rising. I see a pullback in the short term, perhaps to 109.35 and if the pullback is particularly strong then it could be the beginning of a resumption of the trend down, otherwise I think it will base and there will be a final rally higher to the 110s possibly even 110.80 and the monthly pivot. The move down from the November 5 highs looks like a zigzag in which Wave C may not have completed unfolding because it is currently shorter than the average. To reach average length it would have to decline to past 107.20 point (equality with A).
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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