Friday, April 29, 2011

EUR/USD 1,4840

Euro recovery from yesterday's low at 1.2750 has been capped at 1.2960/65 resistance area, and the pair has pulled lower, forming another "double top" at the mentioned 1.2960, according to Fan Yang, technical analyst at FXTimes.

The pair has formed a "double top" pattern, according to Yang, activated below 1.2910: "The recent from 1.28 has met resistance at 1.2960. During today’s European session, a double top is forming with a break below the 1.2910 support."

On the downside, the pair targets 1.2800 says Yang: "As the market has been bearish from 1.3250, the bearish outlook is inline with the prevailing trend. Looking at the internal structure of the sideways channel seen in the 4H chart, a wave equality target is at 1.28."

source: fxstreet.com

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10 comments:

  1. The Awesome AlienApril 29, 2011 at 6:55 AM

    whats up with crued im still getting robed at the pump

    ReplyDelete
  2. LaserDollarsApril 29, 2011 at 9:02 AM

    Oh currency, why you so fickle?

    ReplyDelete
  3. Itsa MeApril 29, 2011 at 9:03 AM

    So how much money is there to be made in currency trading? I hear a lot about it but know very little about what it truly is. I'll keep checking this blog out.

    ReplyDelete
  4. TonightApril 29, 2011 at 9:09 AM

    interesting, followed.

    ReplyDelete
  5. UnknownApril 29, 2011 at 12:52 PM

    Thanks for the heads up!

    ReplyDelete
  6. edApril 29, 2011 at 3:01 PM

    looks like a wave indeed

    ReplyDelete
  7. SueEGleasonApril 29, 2011 at 5:56 PM

    Good overview of current situation on EUR/USD relationships.

    ReplyDelete
  8. Jay ReidApril 29, 2011 at 6:20 PM

    Thanks for the tip! :)

    ReplyDelete
  9. The Awesome AlienApril 30, 2011 at 4:18 AM

    looks like its going to stay low for the next couple of days

    ReplyDelete
  10. Obi-wan MikenobiApril 30, 2011 at 4:52 AM

    Thanks for the update

    ReplyDelete

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