Forex Analysis

EUR/USD completed e 61.8% correction of the downmove from the all time high @ 1.6020. The target still is 1.5850 (projection of the wedge pattern break) but a pause at the current levels is expected. Technical studies are stil supportive and any corrections should be limited @ 1.5640 and 1.5590 supports. Id the 1.5850 target is exceeded another all time high around 1.6110 is possible. The market looks ranging and could stay in this mode durign the summer.

This entry was posted on Wednesday, May 21st, 2008 at 3:20 pm and is filed under Technical Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.