Forex4you Technical Analysis 30/11/10
EUR/USD: Technical Analysis
Yesterday the EUR/USD decisively broke down through a major trend-line from the June lows. This marks a significant change in trend and the decline will probably continue lower, perhaps till it reaches a support and resistance line at 1.2940 initially and then probably further. The move down off the November 5 highs looks like a zigzag and if wave C is the same length as A - which it is likely to be at the least - then it will most probably continue falling till 1.2850 if not lower. Nevertheless there is a chance of a bounce off 1.3000 given the psychological importance of the level but it should be short-lived and eventually rollover and continue lower.
EUR/JPY: Technical Analysis
This pair has fallen to support at 109.00 from both the monthly pivot and a line of support and resistance. It should bounce from here and may come back up to 109.50 or perhaps even 110.00 at a push. Eventually, however, I see more downside given the large zigzag down from the 21st highs appears incomplete and could yield more downside, reaching 107.15 for leg A to equal C or even lower probably.
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.
Yesterday the EUR/USD decisively broke down through a major trend-line from the June lows. This marks a significant change in trend and the decline will probably continue lower, perhaps till it reaches a support and resistance line at 1.2940 initially and then probably further. The move down off the November 5 highs looks like a zigzag and if wave C is the same length as A - which it is likely to be at the least - then it will most probably continue falling till 1.2850 if not lower. Nevertheless there is a chance of a bounce off 1.3000 given the psychological importance of the level but it should be short-lived and eventually rollover and continue lower.
EUR/JPY: Technical Analysis
This pair has fallen to support at 109.00 from both the monthly pivot and a line of support and resistance. It should bounce from here and may come back up to 109.50 or perhaps even 110.00 at a push. Eventually, however, I see more downside given the large zigzag down from the 21st highs appears incomplete and could yield more downside, reaching 107.15 for leg A to equal C or even lower probably.
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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