Forex4you Technical Analysis 31 January 2011
EUR/USD: Technical Analysis
This pair fell quite heavily after touching the major trend line of the June rally last week. In Elliot wave terms the fall is probably a 4th wave of the larger wave up from the lows reached on the 17th Jan. This suggests that when it has completed, wave 5 will rally back up again to either the 1.3760 highs or higher to around 1.3800. Before then, however, there is good possibility that this move down will continue a little, to either match or even fall below the recent 1.3569 lows, targeting the 1.3550s eventually.
Analysis by: Forex4you.com written by 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 fell quite heavily after touching the major trend line of the June rally last week. In Elliot wave terms the fall is probably a 4th wave of the larger wave up from the lows reached on the 17th Jan. This suggests that when it has completed, wave 5 will rally back up again to either the 1.3760 highs or higher to around 1.3800. Before then, however, there is good possibility that this move down will continue a little, to either match or even fall below the recent 1.3569 lows, targeting the 1.3550s eventually.
Analysis by: Forex4you.com written by 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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