forex4you Posted April 23, 2012 Report Share Posted April 23, 2012 EUR/USD: Technical Analysis Eurodollar has probably completed its corrective phase and there is a very good chance it could be beginning a new cycle down, with eventual targets below the previous 1.2995 lows. One possible Elliot count could be to view Friday's rally as completing a double zig-zag correction, with the way now open to the initiation of a new impulse down. Today's strong bearish move could be the beginning of that impulse. There is support from the 100-day MA at 1.3125 but nothing else, and the monthly pivot at just above 1.3000, so its possible the exchange rate could break down - with the pivot as a reasonable initial target. 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 Link to comment Share on other sites More sharing options...
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