Forex4you Technical Analysis 31 January 2011

EUR/USD: Technical Analysis

This pair fell quite heavily after touching the major trend line of the June rally last week. In Elliot wave terms the fall is probably a 4th wave of the larger wave up from the lows reached on the 17th Jan. This suggests that when it has completed, wave 5 will rally back up again to either the 1.3760 highs or higher to around 1.3800. Before then, however, there is good possibility that this move down will continue a little, to either match or even fall below the recent 1.3569 lows, targeting the 1.3550s eventually.

http://forex4you.ninjacdn.net/charts/EURUSD310111.png


Analysis by: Forex4you.com written by Forex4you analyst

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