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  • Forex4you Technical Analysis 18 April 2013 0 comments
    Apr 18, 2013 9:40 AM

    EUR/USD: Down-Trend Resuming

    Yesterday's steep sell-off signalled a probable resumption of the down-trend. A break below 1.3001 would now confirm the next leg down with the 200-day MA at 1.2905 providing the next target lower, and then possibly 1.2800 at the level of a key trend-line. Given the current high volatility there is still a possibility of a move higher, although it is less likely, and it would have to spike above the 1.3201 highs to get bulls interested. We might then be looking at the possible development of a broadening formation, making upside targeting unreliable.

    (click to enlarge)

    USD/JPY: Up-Trend Intact

    Despite recent weakness the longer-term trend higher remains intact. Shorter-term there has been a bounce off support at 96.72 and the trend-line nearby. The pair is now slowly climbing back up towards the key 100 level. Given many analysts have been saying 100 yen is a probable target for the rally it will probably encounter further selling pressure and it remains an important upside target. The strength of the bounce has been rather weak and if the trend-line at 97.80 is breached I see the possibility of more weakness again, with a possible move down to 96.70, however, support there is strong.

    (click to enlarge)

    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 forex 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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