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).

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Thursday, November 3, 2011

EUR-USD Technical Anlalysis 2011.11.03

EUR-USD is in a coorection up move. The main trend is heading down


The US Dollar strengthen against the Euro at the changing of months, bouncing off the 1,3660 support level.

The peak in the late October at 1,4200 most likely finished a complex a-b-c correction and currently it seems that the price is in a correction move that is developing  wave 2 of a 5 wave down correction.

The resistance zone where we look for a possible reversal is between 1,3850 and 1,4000 and the main target in case this scenario will confirm is in the 1,3370 area. The closest support is set in the 1,3660 area and the lower border of the upward flag developing in present.   


Posted by Adrian Filip at 3:08 PM
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