Forex4you Technical Analysis 13 May 2011
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EUR/USD: Technical Analysis
The EUR/USD pair has rebounded from yesterday's lows but it will probably resume its downtrend soon given the lack of long upside counts to support a stronger recovery. Only horizontal counts are available yielding upside targets of 1.4370 and then 1.4550 on the 0.001x3 chart (below). The downside target to 1.3900 is still valid and could still be realized, and it would require a rally above 1.4440 to negate it. It is therefore probable the exchange rate will rise to around 1.4370 achieving the first upside count, and then resume its strong downtrend to the 1.3900s to meet the target down.
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.
The EUR/USD pair has rebounded from yesterday's lows but it will probably resume its downtrend soon given the lack of long upside counts to support a stronger recovery. Only horizontal counts are available yielding upside targets of 1.4370 and then 1.4550 on the 0.001x3 chart (below). The downside target to 1.3900 is still valid and could still be realized, and it would require a rally above 1.4440 to negate it. It is therefore probable the exchange rate will rise to around 1.4370 achieving the first upside count, and then resume its strong downtrend to the 1.3900s to meet the target down.
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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