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Forex4you Technical Analysis 6 April 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Apr 6, 2011.

  1. forex4you

    forex4you New Member

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    EUR/JPY: technical analysis
    The exchange rate has broken through the resistance in the 119s and pushed higher, reaching the monthly pivot at 121.45. Right now it seems to be consolidating. There may not be that much more left in this rally as it is close to several targets such as the inverted H&S price objective at 122.40. On the 3 x 0.05 point and figure chart there is a fulcrum top developing with a possible target back to perhaps the 120.75 – although all bullish trendlines are still intact and the original upside target at 122.80 has still not been met. There is a possibility of a correction to perhaps 121.20 before another move into the upper 122s.

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    EUR/USD: technical analysis
    The market is "bullish" and the price is currently testing new local maximums at 1.4300/10 level. Indicators suggest further up trend as well, although MACD divergence together with R% are warning of a large scale correction, that may commence any time. A pull back can even begin from 1.4350/40 levels, like it has been previously anticipated. Support 1.4060/70 - the up trend channel (blue) line - may be the first target for decline on the "bearish" way.

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    Forex broker | Forex
    Analysis by: Joaquin Monfort
    Forex4you analyst

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