Forex4you Technical Analysis 24 January 2011
EUR/USD: Technical Analysis
We have had another retracement this morning which looks like it still has lower to go. A possible target for the drop could be trend-line support at 1.3525. After that it is likely the uptrend will resume perhaps reaching the substantial resistance levels in the 1.37s. There is also a small possibility that this fall is part of a larger reversal which could break lower and target support and resistance in the 1.3440s.
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.
We have had another retracement this morning which looks like it still has lower to go. A possible target for the drop could be trend-line support at 1.3525. After that it is likely the uptrend will resume perhaps reaching the substantial resistance levels in the 1.37s. There is also a small possibility that this fall is part of a larger reversal which could break lower and target support and resistance in the 1.3440s.
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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