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  • Forex4you Technical Analysis 04 Jan 2013 0 comments
    Jan 4, 2013 6:03 AM

    EUR/USD: downtrend continuing

    The exchange rate has broken out the price pattern at the highs and reached its downside target at 1.3015. There are, however, no signs yet of the down-trend slowing and so it could continue to the next level of support at 1.2960, where the 50-day MA is situated. Alternatively, a sideways consolidation may unfold, followed by a bounce perhaps, with a decisive break above 1.3050 then targeting 1.3115.

    (click to enlarge)

    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.

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