forex4you Posted March 14, 2012 Report Posted March 14, 2012 EUR/USD: Technical Analysis The wave pattern of the move down off the February highs appears to have completed 5 waves at the level of the monthly pivot and the pair has just completed a shallow correction. It is now falling again in line with the trend and I would expect it to revisit the 1.3037 lows. From there its a bit of a gamble as to where next. There is the possibility it might extend the consolidation and possibly even work its way back up to key resistance at around 1.3150, whilst it is also possible a new bearish wave down could begin, targeting support at 1.2978 lows first and then 1.2890. 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. Quote Belajar Forex
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