Forex4you Technical Analysis 06 January 2011
EUR/USD: Technical Analysis
There is a strong possibility of the bounce from here. The exchange rate has reached trend-line support at the lows and there is every chance it may start to rally from here. From an Elliot wave perspective we still appear to be in wave 3 down with perhaps the beginnings of a wave 4. An initial target for the rally might be 1.3170 with a distinct possibility of a follow through to support and resistance at 1.3250 thereafter.
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.
There is a strong possibility of the bounce from here. The exchange rate has reached trend-line support at the lows and there is every chance it may start to rally from here. From an Elliot wave perspective we still appear to be in wave 3 down with perhaps the beginnings of a wave 4. An initial target for the rally might be 1.3170 with a distinct possibility of a follow through to support and resistance at 1.3250 thereafter.
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.
Views: 11
Comment
© 2024 Created by James Dicks.
Powered by
You need to be a member of JDFN Financial Network to add comments!
Join JDFN Financial Network