Forex4you Technical Analysis 03 January 2011
EUR/USD: Technical Analysis
The exchange rate has temporarily halted its rise and pulled-back from the highs reached at the end of last week. This correction is probably either an Elliot intermediate B wave before a C leg higher or a 4th wave – but either way the decline is likely to stop soon and begin rising again. It could match the recent high or go slightly further to the 50 day MA at just above 1.3450. A stronger rally might be expected to reach the underside of the old trend-line from the June lows at around 1.3600. Just below that level is also the 50% Fibonacci line of the bearish move in November and the monthly pivot at 1.3590. There is also a chance the current pullback has not yet finished, however, and if so then another leg down could find support at 1.3200.
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.
The exchange rate has temporarily halted its rise and pulled-back from the highs reached at the end of last week. This correction is probably either an Elliot intermediate B wave before a C leg higher or a 4th wave – but either way the decline is likely to stop soon and begin rising again. It could match the recent high or go slightly further to the 50 day MA at just above 1.3450. A stronger rally might be expected to reach the underside of the old trend-line from the June lows at around 1.3600. Just below that level is also the 50% Fibonacci line of the bearish move in November and the monthly pivot at 1.3590. There is also a chance the current pullback has not yet finished, however, and if so then another leg down could find support at 1.3200.
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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