Forex4you Technical Analysis 09 Jan 2012

EUR/USD: Technical Analysis

The EUR/USD pair has been making a correction of the bear trend, in what might be classed an elliot wave 4th wave. There are signs of short-term resistance from the daily R1 pivot at current highs which could indicate the possibility of wave 5 beginning and falling to re-touch the lows at 1.2665 as a minimum. Overall the outlook is for some sideways consolidation, however, over the next few days as the current cycle completes.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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