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Forex4you Technical Analysis 18 April 2011

Discussion in 'Technical Analysis' started by forex4you, Apr 18, 2011.

  1. forex4you

    forex4you New Member

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    EUR/USD: technical analysis

    The EUR/USD pair has fallen to a strong support level provided by several long-term trendlines in the region of 1.4300. It is possible there may be a bounce from here targeting 1.4400 and then perhaps back up to around 1.4550. Alternatively there is still a considerable amount of downwards pressure and the 3 x 0.0015 chart is showing a downwards count to 1.4100. A break down through the trendlines currently supporting price would be expected to reach perhaps 1.4250 initially before targeting the 1.41s.

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    GBP/USD: technical analysis
    Another attempt to rise above 1.6360/70 level failed, so the price went back downwards. Trading is now being carried out at level 1.6260/70, albeit it has recently resided at 1.6240/45 level. Indicators are "bearish" again which gives reasons to expect another decline to level 1.6220, mentioned previosuly as the target level on the way down. 1.6220/00 support breakout would suggest 1.6140/30 support level test, as well as increase the risks of further decline to 1.5990/1.6000 levels. However, the "bullish" trend is still considered to be dominating, so reversal to growth is now seen as most likely scenario.

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    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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