forex4you's  Instablog

 

Eurodollar has bounced sharply and it will probably continue rallying until it has reached resistance from the R1 pivot and the recent highs at 1.3835 – with to 50% fib line at 1.3925 as the next target if it continues. This is probably a counter-trend correction, however, and the pair should eventually roll-over and begin a new wave formation down, which should surpass the 1.3607 lows and probably reach channel-line support at 1.3535 eventually.

 

 

 

Analysis by: Joaquin Monfort

              Forex4you analyst

 

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.