Forex4you Technical Analysis 20 June 2011
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Forex4you Technical Analysis 20 June 2011
EUR/USD: correcting in a downtrend
Overall the market is trending down although a bullish correction in the last hour has confused the picture. There are a cluster of point and figure targets on the 0.0005x3 and 0.001x3 charts at about 1.4140 and a support and resistance line there. I would expect any downside to reach that target. On the other hand the fact that EUR/USD has now closed up above the major trendline from the January lows signifies the possibility that there may be a bullish recovery. If so then the old highs at 1.4340 would ba a provisional upside target.
外匯交易
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.
Overall the market is trending down although a bullish correction in the last hour has confused the picture. There are a cluster of point and figure targets on the 0.0005x3 and 0.001x3 charts at about 1.4140 and a support and resistance line there. I would expect any downside to reach that target. On the other hand the fact that EUR/USD has now closed up above the major trendline from the January lows signifies the possibility that there may be a bullish recovery. If so then the old highs at 1.4340 would ba a provisional upside target.
外匯交易
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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