Tuesday, February 1, 2011

EUR/USD | Euro/Dollar | Technical Analysis | 1 February 2011

EUR/USD | Euro/Dollar | Technical Analysis | 1 February 2011

This pair has risen since yesterday to match the highs posted on the 27th Jan. This is probably the 5th Elliot wave I predicted in yesterday’s analysis. It has now reached minimum requirements for completion and may begin falling. However, there is also every possibility it could still rally to retouch the major trendline from the June lows at 1.3775.

Then perhaps after that a drop to support from the trendline of the 10 Jan lows at 1.3655 is likely. A break of that trendline would constitute its 3rd break and indicate a more substantial bear move was afoot.

by Joaquin Monfort, Analytical expert , Forex4You © 2011

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