EUR/USD: technical analysis – September 5, 2012

Eurodollar has pushed lower, breaking down though the neckline of the double top and almost reaching the profit target at 1.2475. Now it has rebounded and begun moving higher again. This is probably a counter-trend move, or Elliot wave 4 of the move down and will probably move up to the 1.2555/60 level where clustered resistance should turn it back lower again – although wait for confirmation – and it may then reach the 1.2475 level of the lower border of the channel.

Written by Forex4you