Forex4you Technical Analysis 28 June 2011

namrata Tue Jun 28, 2011 4:53 am

EUR/USD: triangle unfolding
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.

Forex
Analysis by: Joaquin Monfort
Forex4you analyst

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