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Forex4you Technical Analysis 15/10/10

EUR/USD: Technical Analysis

EUR/USD has fallen to support at 1.4080 and from here it should consolidate. After that, the last wave up – if my count is correct – should take us up to the point of trend-line convergence at 1.4145, which also happens to be where leg ‘A’ and leg ‘C’ of the June rise are equal, on log scale. From those highs a major reversal is possible which could take the exchange rate back below 1.4000.

Analysis by: written by Joaquin Monfort
Forex4you analyst

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