Forex4you Technical Analysis 04 January 2011
EUR/USD: Technical Analysis
The current rally from the December 29 lows appears quite complete although the final wave which started yesterday would normally be expected to be longer. An old trend-line from the October highs appears to be preventing its progress however. It is quite possible the exchange rate will still rally a little bit higher to old resistance highs and the 50-day MA at around 1.3445 – possibly even higher. Alternatively a correction from here would be expected to find support at the 1.3250 lows.
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 current rally from the December 29 lows appears quite complete although the final wave which started yesterday would normally be expected to be longer. An old trend-line from the October highs appears to be preventing its progress however. It is quite possible the exchange rate will still rally a little bit higher to old resistance highs and the 50-day MA at around 1.3445 – possibly even higher. Alternatively a correction from here would be expected to find support at the 1.3250 lows.
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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