Monday, July 11, 2011

EUR/USD Long-term target Activated

My long-term point and figure chart (0.005x3) has just given a sell signal. The break below 1.4050 today signalled the rather awesome downside target of 1.2350. 

Whilst the bearish count has been active for several months the trend was still pointing up until today's drop below 1.4050 signalled a break of the up-trend and a reversal down. 

To trade sell now, or at 1.4050 with a long term target of 1.2350 and your stop placed above the highs at 1.4950. 

Analysis prepared by:
Joaquin Monfort
Forex4you analyst