namrata.yadav Posted July 5, 2011 Report Posted July 5, 2011 EUR/USD: downmove progressing The EUR/USD pair has fallen heavily, piercing the lower channel of the recent rally. It has found support this morning in the 1.4460 region perhaps from the top of the Ichimoku cloud and mounted a recovery. The force of the move down is such that I think it will continue after the rebound runs out of steam, but the exchange rate may reach 1.4520 first – which is the 50% retracement and the target on the 0.0005x3 point and figure chart. After this it will probably roll-over and continue lower – possibly to the monthly pivot at 1.4425. Forex 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.
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