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Forex4you Technical Analysis 3 March 2011

Discussion in 'Forex Discussions' started by forex4you, Mar 3, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    EUR/USD: fractal analysis

    Let's proceed with analysing the market by means of a fractal analysis. We clearly see that the first target resides at 1.4 and the second target at 1.41 is a possibility. We can also follow the patterns and compare the whole ascending cycle with the five-wave Elliot impulse pattern, which presents a fractal structure.


    GBP/USD: technical analysis

    The "bulls" failed to hold above the key resistance at level 1.6300/20. The price is currently pulling back downwards. At the moment it resides at level 1.6260/70. Indicators suggest considering a possible reversal, which gives reasons to expect a large-scale pull back downwards. If the tested level is breached, the price may then test support at 1.6220/10 and then at 1.6140/50. If both barriers are breached, growth in this instrument will probably be over, at least for the nearest outlook. Until support 1.6260/70 is safe, there are still chances for growth to the new maximums at1.6450/80, mentioned in the previous analysis. Support 1.5910/00 breakout will indicate a reversal to the "bearish" trend.


    Analysis by: Joaquin Monfort
    Forex4you analyst

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