Forex4you Technical Analysis 05 April 2011
EUR/USD: Technical Analysis
EUR/USD is going sideways now but it may fall soon as there is a fulcrum top reversal pattern on the 3 x 0.0005 chart with a downside target of 1.4130. Eventually, however, the uptrend will probably resume given the continuing bullish targets of 1.4385 and 1.4550 on the larger box charts.
GBP/USD: Technical Analysis
Nothing's changed in this pair, another "bullish" attempt to hold above 1.6100-1.6150 range looked to be more successful compared to the previous ones, but it still failed as well. The price is currently consolidating at 1.6100/20 level. Indicators are still turned up, however, previous forecasts still apply - until the price breaches level 1.6220/30 and holds above, the "bears" still have chances to bring the price down to significant support at 1.5840/50 level. If the price eventually rises above 1.6220/30, there new maximums around levels 1.6450/1.6500 will be probably tested.
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.
EUR/USD is going sideways now but it may fall soon as there is a fulcrum top reversal pattern on the 3 x 0.0005 chart with a downside target of 1.4130. Eventually, however, the uptrend will probably resume given the continuing bullish targets of 1.4385 and 1.4550 on the larger box charts.
GBP/USD: Technical Analysis
Nothing's changed in this pair, another "bullish" attempt to hold above 1.6100-1.6150 range looked to be more successful compared to the previous ones, but it still failed as well. The price is currently consolidating at 1.6100/20 level. Indicators are still turned up, however, previous forecasts still apply - until the price breaches level 1.6220/30 and holds above, the "bears" still have chances to bring the price down to significant support at 1.5840/50 level. If the price eventually rises above 1.6220/30, there new maximums around levels 1.6450/1.6500 will be probably tested.
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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