Forex4you Technical Analysis 14 January 2011
EUR/USD: Technical Analysis
The rally continues higher. It broke the 4th January highs this morning and rallied up to 1.3450. There is considerable resistance at this level from old highs reached on the 3rd and 14th December, and the 4th and 14th January, completing almost cyclical 2-weekly tops, and also from the bottom of the Ichimoku cloud. It is possible there could be a correction from here but before that there is the chance of a final rally. We look like we are in the process of completing an Elliot wave 4 of the impulse up this morning. Once complete it will lead to a final rally in the exchange rate probably matching the recent highs. A break of the 1.3325 lows, however would indicate a larger bearish move was underway instead.
Analysis by: Forex4you.com written by 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 rally continues higher. It broke the 4th January highs this morning and rallied up to 1.3450. There is considerable resistance at this level from old highs reached on the 3rd and 14th December, and the 4th and 14th January, completing almost cyclical 2-weekly tops, and also from the bottom of the Ichimoku cloud. It is possible there could be a correction from here but before that there is the chance of a final rally. We look like we are in the process of completing an Elliot wave 4 of the impulse up this morning. Once complete it will lead to a final rally in the exchange rate probably matching the recent highs. A break of the 1.3325 lows, however would indicate a larger bearish move was underway instead.
Analysis by: Forex4you.com written by 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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