EUR/USD: Technical Analysis
This pair has nearly completed or completed an Elliot wave impulse down from the November 4th highs, which can be quite clearly seen on the hourly chart. It is possible there may be a final move down to match the current lows at 1.3735 before a bounce. The correction of the impulse will probably reach 1.3900, if not higher.
GBP/USD: Technical Analysis
This pair has fallen from the 4th November highs. Yesterday it dropped over 150 points but has now stabilized and entered into a sideways consolidation zone. This could be a triangle whose final thrust might take the exchange rate to1.5930 at first, where the monthly pivot is and then perhaps even to 1.5900 where the exchange rate would meet the trend-line up from the May lows. An upside breakout before then might be expected to reach trend-line resistance at 1.6050.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
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10-11-2010, 12:35 PM #1
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