Forex4you Technical Analysis 4 Feb 2011
EUR/USD: Technical Analysis
EUR/USD fell steeply yesterday, breaking through the trendline from the Jan lows until it reached a low of 1.3608. From there it has consolidated – probably in an Elliot wave 4 - and it may correct a little further before the downtrend resumes. Longer term wave patterns suggest the possibility of a major bear move evolving and momentum has given a sell signal. The direction of the move out of the consolidation range will dictate the price action to follow – if up wave 4 may have further to go to perhaps as high as 1.3735 – if lower then probably to 1.3555 initially and then the 1.34s.
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.
EUR/USD fell steeply yesterday, breaking through the trendline from the Jan lows until it reached a low of 1.3608. From there it has consolidated – probably in an Elliot wave 4 - and it may correct a little further before the downtrend resumes. Longer term wave patterns suggest the possibility of a major bear move evolving and momentum has given a sell signal. The direction of the move out of the consolidation range will dictate the price action to follow – if up wave 4 may have further to go to perhaps as high as 1.3735 – if lower then probably to 1.3555 initially and then the 1.34s.
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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