17 Jan 2014
Flash: Point & Figure price targets for EUR/USD - FXstreet
FXstreet.com (Barcelona) - Goncalo Moreira CMT, FXstreet.com Technical Analyst notes that point and figure charts for the EUR/USD are still bullish.
Key Quotes
“There are three established targets on the below 3-box reversal chart, although only the upper one pointing at 1.4840 is activated.”
“The pair has to eradicate the 1.3580 level and print a double-bottom sell signal on point and figure charts to activate the 1.2950 target. The previous downside target was established in November with the corrective impetus towards 1.3360. To activate the corresponding target at 1.2020 we would need a decisive break below the aforementioned support.”
“Using a finer granulation of price action, still on a 3-box reversal chart, we can draw an horizontal count targeting 1.3390, which is less than 200 pips from the current rate. Only a break above last months high would negate these downside targets.”
Key Quotes
“There are three established targets on the below 3-box reversal chart, although only the upper one pointing at 1.4840 is activated.”
“The pair has to eradicate the 1.3580 level and print a double-bottom sell signal on point and figure charts to activate the 1.2950 target. The previous downside target was established in November with the corrective impetus towards 1.3360. To activate the corresponding target at 1.2020 we would need a decisive break below the aforementioned support.”
“Using a finer granulation of price action, still on a 3-box reversal chart, we can draw an horizontal count targeting 1.3390, which is less than 200 pips from the current rate. Only a break above last months high would negate these downside targets.”