Forex4you Technical Analysis 09/11/10
EUR/USD: Technical Analysis
The exchange rate has been falling and it may carry on until it reaches a substantial layer of support around 1.3800. Nearby 1.3806 is also the objective of yesterday’s flag pattern, so further downside may well halt there. We have also had a complete 5 Elliot wave impulse pattern down, which began at the 1.4085 highs achieved yesterday morning. There is a chance, therefore of a correction off this wave, which may occur now or at the 1.3800 support levels. This could carry the exchange rate back up to resistance at 1.3885, or perhaps higher.
GBP/USD: Technical Analysis
The exchange rate has fallen from the 1.62 highs made on the 4th of November. It has formed a complete impulse pattern down with 5 waves and this could be the point where there is a correction. Initial targets might be the trend-line down from the highs of the 4th at 1.6150 and then the 50% retracement of the move down at 1.6180. Further downside could lead to 1.6041 initially, where price might intersect the trend-line up for the October rally. The monthly pivot at 1.5931 could also provide support.
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 exchange rate has been falling and it may carry on until it reaches a substantial layer of support around 1.3800. Nearby 1.3806 is also the objective of yesterday’s flag pattern, so further downside may well halt there. We have also had a complete 5 Elliot wave impulse pattern down, which began at the 1.4085 highs achieved yesterday morning. There is a chance, therefore of a correction off this wave, which may occur now or at the 1.3800 support levels. This could carry the exchange rate back up to resistance at 1.3885, or perhaps higher.
GBP/USD: Technical Analysis
The exchange rate has fallen from the 1.62 highs made on the 4th of November. It has formed a complete impulse pattern down with 5 waves and this could be the point where there is a correction. Initial targets might be the trend-line down from the highs of the 4th at 1.6150 and then the 50% retracement of the move down at 1.6180. Further downside could lead to 1.6041 initially, where price might intersect the trend-line up for the October rally. The monthly pivot at 1.5931 could also provide support.
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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