Forex4you Technical Analysis 15/10/10
EUR/USD: Technical Analysis
EUR/USD has fallen to support at 1.4080 and from here it should consolidate. After that, the last wave up – if my count is correct – should take us up to the point of trend-line convergence at 1.4145, which also happens to be where leg ‘A’ and leg ‘C’ of the June rise are equal, on log scale. From those highs a major reversal is possible which could take the exchange rate back below 1.4000.
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.
EUR/USD has fallen to support at 1.4080 and from here it should consolidate. After that, the last wave up – if my count is correct – should take us up to the point of trend-line convergence at 1.4145, which also happens to be where leg ‘A’ and leg ‘C’ of the June rise are equal, on log scale. From those highs a major reversal is possible which could take the exchange rate back below 1.4000.
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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