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Forex4you Technical Analysis 13 April 2011

Discussion in 'Technical Analysis' started by forex4you, Apr 13, 2011.

  1. forex4you

    forex4you New Member

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    EUR/USD: technical analysis
    The exchange rate has risen as forecasted but is just shy of the target of 1.4550 on the 3 x 0.05 chart shown below. It will probably rise higher to meet this target before consolidating and perhaps correcting. In addition, the smaller 3 x 0.0005 chart has an upside target at 1.4590, supporting the bullish outlook.

    [​IMG]

    EUR/USD: technical analysis
    The "bulls" made an attempt to test 1.4500 level, like expected, but failed - resistance at this level turned out to strong enough and halted the price growth. At the moment trading is carried out at 1.4480/90 levels. Indicators are turned up, however, "bearish" MACD divergence suggests a large scale correction downwards as quite a possibility. Previous forecasts are still relevant – 1.4360/70 support breakout would be a signal to a serious downward movement. In this case, the trades would fall to 1.4250 level, the uptrend (blue) line might be breached and the price may descend to 1.4060/70.

    [​IMG]

    Forex broker | Forex
    Analysis by: Joaquin Monfort
    Forex4you analyst

    Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
     
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