EUR/USD managed to bounce back from the 9 year lows seen last week, but it is far from an “all clear” mode. The team at Goldman Sachs note the long term wedge and the targets at very low levels: Here is their view, courtesy of eFXnews: EUR/USD has now satisfied its L/T wedge target at ~1.20 (Jul. ’12 low), notes Goldman Sachs. “It’s also gone through a series of three previous lows from ’08/’11/’12 all set near 50% of the initial ’00/’08 rally (~1.18-1.23) and so far there has been very few material corrections,” GS adds. From an Elliott wave perspective, GS notes that EUR/USD eventually looks as though it could retrace ~61.8% to ~1.1237 and this decline would in turn complete a multi-year ABC (which began in ’08) and subsequently the second wave of a LT bullish sequence which originated in ’00. “In short, 1.12 is likely the level to be watching for signs of a meaningful base,” GS projects. Near-term, GS thinks that the next support appears to be 1.1598 as this level is derived as 2.618 times the length of wave 1 taken from the May 8 th high. “If viewed as an extended wave-5, this might be the next plausible downside target having already exceeded the 1.618 target which was up at 1.2090,” GS argues. “It’s hard to point out any sort of immediate resistance; ultimately ~1.20 will be a big physiological level,” GS adds. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam EUR/USD DailyForex News Today: Daily Trading News share Read Next EURUSD, GBPUSD, USDJPY Pivot Points & Technical Analysis John Benjamin 7 years EUR/USD managed to bounce back from the 9 year lows seen last week, but it is far from an "all clear" mode. The team at Goldman Sachs note the long term wedge and the targets at very low levels: Here is their view, courtesy of eFXnews: EUR/USD has now satisfied its L/T wedge target at ~1.20 (Jul. '12 low), notes Goldman Sachs. "It's also gone through a series of three previous lows from '08/'11/'12 all set near 50% of the initial '00/'08 rally (~1.18-1.23) and so far there has been very few material corrections," GS adds. From an Elliott wave… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.