Forex4you Technical Analysis 6 May 2011

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EUR/USD: technical analysis
The EUR/USD pair has fallen to a line of support at the 1.4500 level where it has slowed down and is consolidating in a sideways move. The target from the highs on the 0.001 x 3 chart is 1.4630 which has already been surpassed but a horizontal count yeilds a much more bearish downside target of 1.3970. The support at 1.4500, however, could lead to a bounce with the 0.0005 x 3 yeilding an upside target of 1.4705 which is also at about the level of the bottom of the previous broadening formation at the highs.



Forex | Foreign Exchange
Analysis by: Joaquin Monfort
Forex4you analyst

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