Forex4you Technical Analysis 3 June 2011

Go down

Forex4you Technical Analysis 3 June 2011

Post  namrata on Fri Jun 03, 2011 5:39 am

EUR/JPY: falling within a channel
The EUR/JPY pair is rising in a wedge shaped channel. It has just completed the 'C' wave and is possibly descending in a 'D' wave with an eventual target of 115.35 at a support line below. On the 0.1x3 point and figure (p&f) chart it has just broken a rising trendline and may be breaking out of a fulcrum reversal pattern. The downside target from the highs is also 115.30. There is a strong resistance line at the monthly pivot at 117.25 which is keeping prices down. A break above that level could produce a rally targeting 118.50, which is the p&f count from the lows.

Forex | 外匯
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.


Posts : 62
Join date : 2011-04-15

View user profile

Back to top Go down

Back to top

- Similar topics

Permissions in this forum:
You cannot reply to topics in this forum