Forex4you Technical Analysis 9 March 2011

EUR/USD: technical analysis

The EUR/USD fell as predicted. It is currently consolidating above support at the 1.3860s. Yesterday I wrote this fall was: “probably an (Elliot) wave 4 of the move up from the 14th Feb lows and if so it has further to unfold.” This analysis still holds true although it is now nearer completion - if not finished. The Demark buy setup on the 4-hourly adds bullish bias and wave 5 could be about to start right now or 4 may have a little lower to go – wait for the break. Target for 5 is around 1.4050. More downside, however, could target 1.3820.


Analysis by: Joaquin Monfort
Forex4you analyst

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