Forex4you Technical Analysis 11/11/10
EUR/USD: Technical Analysis
The pair prefers a downwards movement, like it had been expected. The price descended to support 1.3660/40, but for a short period of time, and then returned upwards, so it's now consolidating around levels 1.3730/50. The consolidsation channel support has been breached but it now turns out to be a strong risistance, which which prevents the trading from moving upwards. Indicators don't suggest any particular direction, which makes the situation unclear. At the same time, SS is stuck in the oversold zone and R%'s reversal to this zone indicates the "bearish" potential to bring the trading down to 1.3650 and even to 1.3570. The alternative scenario remains the same - reversal above 1.3860 wil trigger the "bullish" trend.
GBP/USD: Technical Analysis
The rally up which began yesterday looks like it may be the Elliot wave 5th wave of the leg up from the 20th October lows and the correction from the 4th November highs is the wave 4. It is now a question of whether this 5th wave rally runs its full length or whether it has already finished and is truncated. If it goes higher, then it will probably match or slightly exceed the wave 3 highs at 1.6290. On the other hand if the exchange rate begins to fall from here expect support at 1.5950.
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 pair prefers a downwards movement, like it had been expected. The price descended to support 1.3660/40, but for a short period of time, and then returned upwards, so it's now consolidating around levels 1.3730/50. The consolidsation channel support has been breached but it now turns out to be a strong risistance, which which prevents the trading from moving upwards. Indicators don't suggest any particular direction, which makes the situation unclear. At the same time, SS is stuck in the oversold zone and R%'s reversal to this zone indicates the "bearish" potential to bring the trading down to 1.3650 and even to 1.3570. The alternative scenario remains the same - reversal above 1.3860 wil trigger the "bullish" trend.
GBP/USD: Technical Analysis
The rally up which began yesterday looks like it may be the Elliot wave 5th wave of the leg up from the 20th October lows and the correction from the 4th November highs is the wave 4. It is now a question of whether this 5th wave rally runs its full length or whether it has already finished and is truncated. If it goes higher, then it will probably match or slightly exceed the wave 3 highs at 1.6290. On the other hand if the exchange rate begins to fall from here expect support at 1.5950.
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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