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Forex4you Technical Analysis 30 May 2011

Discussion in 'Technical Analysis' started by forex4you, May 30, 2011.

  1. forex4you

    forex4you New Member

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    EUR/USD: pulling back to support
    The EUR/USD is in a rising counter-trend rally. The more recent activity shows a dip forming which, if it continues, could fall back down to support at around 1.4200, provided by the lower channel line of the move up. The 0.005x3 point and figure chart highlights the importance of key resistance at 1.4300 with a possible treble-top buy signal setting up. The 0.001x3 is also bullish with its very high 1.2700 target, however, the smallest box size chart is bearish with a down target at 1.4200. One interpretation might be that there is a strong likelihood of a pullback to 1.4200 before a move higher.

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    Forex | 外匯

    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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