Forex4you Technical Analysis 09 March 2012

EUR/USD: Technical Analysis

Euro-dollar has reversed its trend and started moving back down. The current bearish move is probably the Elliot 5th wave of the move down from the February highs and I would expect it to continue to the former lows at 1.3100. It has already reached the lower channel line of the rally since January and will probably bounce, possibly to 1.3240, before resuming the down-trend. Eventually, however, I would expect it to break through the channel and re-touch the lows at 1.31.

Analysis by: Joaquin Monfort
                    Forex4you analyst

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