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Forex4you Technical Analysis 12 Dec 2012

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EUR/USD: Technical Analysis

The up-trend is extending higher but it has reached an important resistance level, and also the 61.8% fibonacci retracement of last week's sell-off, nevertheless there are no reversal signs yet and the short-term trend remains up. The next set of targets higher lie at 1.3075 and then 1.3119, close to the 5th December highs,which may mark an Elliot wave 5 high.

EURUSD12.png

Analysis by: Joaquin Monfort

Forex4you analyst

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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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