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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

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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.

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    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.

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    Forex
    Analysis by: Joaquin Monfort
    Forex4you analyst

    Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
     
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