Forex4you Technical Analysis 26/08/10
EUR/USD: Technical Analysis
This pair is probably close to completing the recent correction and resuming is descent. It is possible that over the next day it will drop back down to either 1.2620, or the 1.2580 lows, possibly even as far as 1.2550 as minuette wave 5 unfolds. This last wave should complete the whole minor degree move down from the 6th August highs. It is probable the following correction of that whole move will reach at least to the 50% retracement mark at 1.2960. There is also a small chance that this correction may already have begun.
GBP/USD: Technical Analysis
This pair looks like it is forming a rare widening ending diagonal pattern. Prices may come down quite far from their current correction highs but it is probable that they will fall to near or beyond the recent lows. An initial target might be 1.5405, followed by the lows at 1.5375 and then perhaps even support at 1.5280. After that there should be a strong rally back up to at least the 50% retracement of the whole move down since the 6th August highs at 1.5690, if not as far as the 61.8% retracement at 1.5750.
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.
This pair is probably close to completing the recent correction and resuming is descent. It is possible that over the next day it will drop back down to either 1.2620, or the 1.2580 lows, possibly even as far as 1.2550 as minuette wave 5 unfolds. This last wave should complete the whole minor degree move down from the 6th August highs. It is probable the following correction of that whole move will reach at least to the 50% retracement mark at 1.2960. There is also a small chance that this correction may already have begun.
GBP/USD: Technical Analysis
This pair looks like it is forming a rare widening ending diagonal pattern. Prices may come down quite far from their current correction highs but it is probable that they will fall to near or beyond the recent lows. An initial target might be 1.5405, followed by the lows at 1.5375 and then perhaps even support at 1.5280. After that there should be a strong rally back up to at least the 50% retracement of the whole move down since the 6th August highs at 1.5690, if not as far as the 61.8% retracement at 1.5750.
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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