Forex4you Technical Analysis 26/11/10
EUR/USD: Technical Analysis
EUR/USD has pushed down through an important trend-line drawn from the June lows. If the break is confirmed by a further decisive move then the exchange rate might fall to the 200 day MA at 1.3135 initially and then perhaps to 1.2930 eventually. There has also been a break below the cloud on the Ichimoku chart this morning and if the descent since the 5th November highs is a zigzag then the downside target for the C leg is also in the 1.29s. Given the substantial downside already today, however, there may be a pullback to around 1.3250 first before any further falls.
EUR/JPY: Technical Analysis
Since bottoming a few days ago the euro-yen has made something of a drunkard’s walk across the chart: first veering up to the 111.90s first and then suddenly back down to the 110.90s where it is around about now. I think it will probably continue falling as the wave down from the highs made of the 22nd is missing a 5th wave, which could be unfolding right now. If it is of average length then it should slightly surpass the lows at 110.30 to perhaps bottom at 110.00 – although there is support at 110.50 too so it could end there.
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.
EUR/USD has pushed down through an important trend-line drawn from the June lows. If the break is confirmed by a further decisive move then the exchange rate might fall to the 200 day MA at 1.3135 initially and then perhaps to 1.2930 eventually. There has also been a break below the cloud on the Ichimoku chart this morning and if the descent since the 5th November highs is a zigzag then the downside target for the C leg is also in the 1.29s. Given the substantial downside already today, however, there may be a pullback to around 1.3250 first before any further falls.
EUR/JPY: Technical Analysis
Since bottoming a few days ago the euro-yen has made something of a drunkard’s walk across the chart: first veering up to the 111.90s first and then suddenly back down to the 110.90s where it is around about now. I think it will probably continue falling as the wave down from the highs made of the 22nd is missing a 5th wave, which could be unfolding right now. If it is of average length then it should slightly surpass the lows at 110.30 to perhaps bottom at 110.00 – although there is support at 110.50 too so it could end there.
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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