Forex4you Technical Analysis 17 March 2011
EUR/USD: Technical Analysis
EUR/USD has rallied strongly after completing a fulcrum bottom pattern overnight. The target for the end of the rally, taken from the 1.3870 lows was at 1.4005, which has already been surpassed. This could signify that the rally is now overstretched and due a correction. The exchange rate will probably drift back down, therefore, to 1.4000 before generating another directional move.
Analysis 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 rallied strongly after completing a fulcrum bottom pattern overnight. The target for the end of the rally, taken from the 1.3870 lows was at 1.4005, which has already been surpassed. This could signify that the rally is now overstretched and due a correction. The exchange rate will probably drift back down, therefore, to 1.4000 before generating another directional move.
Analysis 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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