Forex4you Technical Analysis 26 May 2011
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Forex4you Technical Analysis 26 May 2011
EUR/USD: technical update
The EUR/USD has contiued correcting the previous wave down and rallied higher, reaching almost 1.4200 after breaking above the 1.4092 level as forecast. There is a point and figure target higher at 1.4230, which could be reached but nothing above that. The uptrend seems neither particularly weak nor strong so it could continue higher or begin reversing. The correction as a whole has returned 61.8% of the previous decline, it has just met resistance from a trendline and leg C is equal to A but the exchange rate itself needs to fall lower before it can be assumed that the larger trend down has resumed.
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.
The EUR/USD has contiued correcting the previous wave down and rallied higher, reaching almost 1.4200 after breaking above the 1.4092 level as forecast. There is a point and figure target higher at 1.4230, which could be reached but nothing above that. The uptrend seems neither particularly weak nor strong so it could continue higher or begin reversing. The correction as a whole has returned 61.8% of the previous decline, it has just met resistance from a trendline and leg C is equal to A but the exchange rate itself needs to fall lower before it can be assumed that the larger trend down has resumed.
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.
namrata- Posts : 62
Join date : 2011-04-15
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