Forex4you Technical Analysis 13/10/10
EUR/USD: Technical Analysis
The rally yesterday from the 1.37 lows - surprising perhaps in its ferocity - took the exchange rate back up to the 1.3990s just under the old highs in the 1.40s, where the R1 monthly pivot is situated. There is an indication that this move now is quite mature and may correct a little. It is also being resisted by the under side of the old trend-line up for the whole September rally. If the rate falls, it should meet support from the upper channel line from the June lows which has been successfully containing price action during the recent correction. A downside target therefore would be around 1.3935, whilst more upside should at least match the old highs at 1.4028.
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.
The rally yesterday from the 1.37 lows - surprising perhaps in its ferocity - took the exchange rate back up to the 1.3990s just under the old highs in the 1.40s, where the R1 monthly pivot is situated. There is an indication that this move now is quite mature and may correct a little. It is also being resisted by the under side of the old trend-line up for the whole September rally. If the rate falls, it should meet support from the upper channel line from the June lows which has been successfully containing price action during the recent correction. A downside target therefore would be around 1.3935, whilst more upside should at least match the old highs at 1.4028.
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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