Forex4you Technical Analysis 10 May 2011

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EUR/USD: technical analysis
The EUR/USD fell to 1.4260 lows yesterday but has since begun consolidating in a range. The emphasis is still bearish and the larger 0.005x3 chart has met its upside targets indicating possible exhaustion. Shorter term, however, there are no clear vertical downside targets on the 0.001x3 chart, although a horizontal count yields a bearish target of 1.4170. The smallest box size chart, the 0.0005x3 conversely has an upside target of 1.4450. It may be that some upside will be followed by another down move to the 1.41s although the conflicting signals make it difficult to forecast.



Forex | Foreign Exchange
Analysis by: Joaquin Monfort
Forex4you analyst

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