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EUR/USD: An Opportunity in the Making

By Vadim Pokhlebkin
Thu, 22 Apr 2010 12:45:00 ET
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Elliott Wave International's intensive Currency Specialty Service, intraday update.

Posted On: Apr 22 2010 6:47AM ET / 10:47AM GMT
EUR/USD Last Price: 1.3335

 
We are moving out of the triangle... A key level at 1.3327 is beneath us and movements below may push to 1.3279 near-term as the Dollar positive rally continues. Let's add some standard technical indicators to the chart to illustrate the trend. The 55 bar EMA is below the 144 bar EMA, and the MACD has not shown itself to the upside. I see downside pressure that aligns with the overall view... 

You may know that in Elliott wave analysis, in any market including forex, triangles appear before the final move in the direction of the larger trend. Learn what this implies for the EUR/USD's trend -- read the intraday and end-of-day Currency Specialty Service forecasts online now.

Tags: euro/USD exchange rate, technical indicators, Moving Average Convergence Divergence (MACD)
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