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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

    Jul 13, 2010
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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.


    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.


    Forex broker | Forex
    Analysis by: Joaquin Monfort
    Forex4you analyst

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