JDFN Financial Network

Forex4you Technical Analysis 15 June 2011

EUR/USD: Technical Analysis


The counter-trend rally which almost reached 1.4500 yesterday has broken down overnight and the exchange rate has resumed its down-trend. It formed a channel and then broke through the bottom on rising momentum and volume is still high indicating strenght in the sell-off. It will probably go further possibly to the old lows at 1.4320 which is also where the most reliable downside point and figure (p&f) count is targeting. It could bounce or consolidate at those levels before probably going lower in time given the 0.001x3 p&f chart is still showing a valid target of 1.4140.




Analysis 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.

Views: 4

Comment

You need to be a member of JDFN Financial Network to add comments!

Join JDFN Financial Network

About

James Dicks created this Ning Network.

© 2024   Created by James Dicks.   Powered by

Badges  |  Report an Issue  |  Terms of Service