Entering text into the input field will update the search result below

Forex4you Technical Analysis 13 May 2011

May 13, 2011 8:33 AM ET
LigaForex profile picture
LigaForex's Blog
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.
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

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.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.