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EUR/USD: Technical Analysis

Eurodollar has risen from the 1.3100 lows and now reached the 1.3170s. There is the possibility of some more upside to just shy of 1.3200 which would result in wave equality, but there are lots of bearish signals too. We are at the 61.8% fibonacci retracement of the previous down-move and an obvious place for the rally to stall; there is a shooting star on the hourly and we have reached the 50-day MA, as well as the 200-4hr. It is quite possible the move has completed and the new Elliot wave down will resume. This in turn would be expected to break below support at the 1.3100 lows.

Analysis by: Joaquin Monfort

Forex4you analyst

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