Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

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Wednesday, November 9, 2011

EUR-USD Technical Anlalysis 2011.11.09

Channel break in EUR-USD!

The EUR-USD cross broke below the lower border of the channel (T1 trend line) and is set up for more downward action.

The first support is in the 1,3650-1,3660 area, but the main target remains in the 1,3370 area. The next confirmation will be the brake of 1,3660 level. Accordin to the first down swing, in late octomber, the slope of the current move (wave 3) could be aproximately the same, this meaning that we could witness a sharp decline in the next couple of days.

The intermediate support sould be very well taken in consideration as it could stand for a quick rebound (rise). If this will be the case, I am looking for a possible retest of the T1 trend line before the main downtrend will resume. 

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