forex4you Posted April 26, 2012 Report Share Posted April 26, 2012 EUR/USD: Technical Analysis The rally in the euro has risen even higher defying forecasts that it would fall. The move must now still be a correction of the bear move from the early April highs rather than a new wave down as I originally thought - despite the apparently over-extended wave count. The correction has reached back a Fibonacci 61.8% of the previous move, and has put in a 2-bar reversal candlestick pattern on the hourly chart; in addition momentum is diverging considerably, so it seems likely, therefore that the the pair is ready for a pull-back from here – at least to support from the 50-day MA at 1.3205. Further, upside on the other hand might be expected to rally to resistance at 1.3275. 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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