Forex4you Technical Analysis 3 May 2011

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EUR/USD: technical analysis
This pair is consolidating in a broadening formation as shown on the 0.0005 x 3 chart below. It has completed five legs and therefore may be close to completion. The next move could be a break out higher but the longer term charts are showing all their upside targets have been met - implying exhaustion. There is a chance that the next move may also be down and this could be a reversal pattern. Traders are advised to stand aside until the direction of the breakout is confirmed.



Forex | 外匯
Analysis by: Joaquin Monfort
Forex4you analyst

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