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USD Technical View - Jan. 24, 2012

USD Technical View - Jan. 24, 2012

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24 January 2012 7:50 PM GMT

By: Fadi Steitie

US Dollar Index just landed on a support level at 9,860 and 0.318 Fibonacci level with a reversed contracting triangle where we can see a constant momentum from the bottom pints A, C, E and decreasing momentum from the top B, and D. If we keep this in mind and watch the wave behavior of the Dollar Index after point E which makes me to predict a larger motive wave follow that triangle, would open a door for EUR/USD to fall further from this point. So lets stick and keep EUR/USD in a short position.

Currency Pairs

EUR/USD

Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals based on his keen understanding of the market. Fadi is an expert in Elliott wave principles and Ichimoku Kinko Hyo, and he is a managing partner in one of the leading organizations in protective coating in the Gulf region.

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Live FX Rates

Symbol	Change	High	Low

EUR/USD	-0.0071	1.2601	1.2499
AUD/USD	0.0013	0.9798	0.9729
EUR/GBP	-0.0024	0.8044	0.7982
EUR/JPY	-0.31	100.32	99.5
GBP/USD	-0.0035	1.5699	1.5633
USD/CAD	0.0042	1.031	1.025
USD/CHF	0.0057	0.9609	0.9544
USD/JPY	0.23	79.81	79.52

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