Forex4you Technical Analysis 28 June 2011

EUR/USD: Technical Analysis

The EUR/USD currency pair is in a consolidation pattern on the daily charts which looks like a triangle. There appear to have been three legs in the triangle so far with a total of 5 expected (A-E). It is possible we are in a D leg now, with an eventual target at the trendline at 1.4350 initially, and then the monthly pivot at 1.4435. It is possible the triangle has already completed and waves D and E were smaller than average – in that case the market could fall quite rapidly from its current position, particularly if there is a break below 1.4072.

Analysis 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.