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Forex4you Technical Analysis 19 May 2011


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EUR/USD: technical analysis

The EUR/JPY is in a strong counter-trend rally which will probably continue. It has broken above the neckline of an inverted H&S at 116.50 and may well go much higher, with 119.50 s a target calculated from the pattern's length. The point and figure charts yield closer targets of 117.40 on the 0.05x3 and 118.00 on the 0.1x3 for a more conservative play.

EURJPY190511.png

Forex| รฅยคโ€“รฅล’ยฏ

Analysis by: Joaquin Monfort

Forex4you analyst

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