Forex4you Technical Analysis 19 April 2011

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Forex4you Technical Analysis 19 April 2011 Empty Forex4you Technical Analysis 19 April 2011

Post  namrata on Tue Apr 19, 2011 6:32 am

EUR/USD: technical analysis
Forecasts confirmed, the price breached 1.4250 support level and even made an attempt to breach it. It also failed to hold below 1.4350 level, though it did reach level 1.4160. At the moment trading is carried out at 1.4250/60 levels. Indicators are weakening their "bearish" readings", which gives enough reasons to expect reversal to growth. The uptrend channel (blue) line turned out to be a good support for the euro, so further price movements should depend the price position towards this indicator. Fixation below this level would suggest a decline to 1.4060/70 support. On the other hand, if "bulls" manage to bring the price back, above 1.4450 level, it'll be considered as a signal for reversal to growth.

EUR/USD: technical analysis
The EUR/USD has been falling quite heavily and this should continue. In the very short term however there is the possibility of a move up to 1.4350 before the downtrend resumes. This should then finally meet the bear target on the 3 x 0.0015 chart at 1.4100.

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Analysis by: Joaquin Monfort
Forex4you analyst

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