Forex4you Technical Analysis 17 May 2011

EUR/USD: Technical Analysis

The EUR/USD pair rose up to resistance at 1.4240 yesterday and then fell back down. If it breaks below the trough lows at 1.4130 then I would set my sights on support at 1.4050 as the next target. If that level is broken then it opens the way to 1.3900, which is the original downside target on the 0.001x3 point and figure chart.

https://lh3.googleusercontent.com/_I...RUSD170511.png

AUD/USD: Technical Analysis

On a longer term basis the aussie remains in a strong uptrend although shorter term it is going sideways. Given the fulcrum shaped reversal pattern at the lows and the fact the 0.001x3 is in an uptrend - the probabilities lean slightly towards higher prices with a break above the highs at 1.0615 as a key requirement. If so the the target at 1.0670 is reachable, followed by 1.0730.

https://lh5.googleusercontent.com/_I...DUSD170511.png

Analysis by: Joaquin Monfort
Forex4you analyst

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