Forex Technical Update

EUR/USD 1H chart 1/29/2013 9:45AM EST

(click to see chart)
http://screencast.com/t/yPghRAOu5t

Correction: The EUR/JPY is in a correction since the 126.96 high on Friday. Falling to 125.48 by 2/4 US session. This snap shot at 9:40AM EST, shows the correction at the 200-15-min SMA. The structure is a double-three in Elliott Wave terminology. 126.05-126.16 could be a key intra-day area. Holding below might be a bearish sign for further bearish correction. Otherwise, we are neutral with a bullish stance.

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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