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

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Thursday, December 15, 2011

EUR-USD Technical Anlalysis 2011.12.15

EUR-USD cross is clearly in a down trend and the Elliott Wave count shows a final swing don, representing wave 5 of the move started in late October (at 1,4200).

There is not a clear support below the current price as EURUSD cross explores the year’s lows (made in early January). Therefore, we should expect higher highs and higher lows on the short term (a couple of weeks) in order to spot a reversal.

On the daily chart we can see that this year’s lows (early january) are very close (1,2900 area) and, moreover, there an AB=CD structure ending that highlights the same support zone.   

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