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Forex4you Technical Analysis - 15 April 2010

EUR/USD: Technical Analysis

The price is still consolidating within previously formed narrow range. No changes have been made to the trading picture. Indicators now seem more "bearish", which gives reasons to expect a serious pull back downwards. However, previous comments are still relevant - 1.4360/70 support breakout will be the first signal for decline with the target at level 1.4250. The uptrend channel (blue) line may be breached as well. If it happens, trades will fall to 1.4060/70 level. On the other hand, if trading holds above 1.4500 level, we'll be anticipating a soon test of 1.4580 – 1.4620 range.

GBP/USD: Technical Analysis

The price failed to breach lower bound of a strong resistance 1.6360-1.6390 range, level 1.6360, like expected. Consolidation continued and now the price is making another attempt to breach this barrier. Trading is carried out at 1.6360/65 levels. SS and MACD indicators are likely to follow R%'s example and turn upwards too, which gives reasons to expect the "bullish" attempts to turn out successful. 1.6360/90 – 1.6220/00 range breakout would suggest growth to the new local maximums around 1.6450/1.6500 levels. If the price, on the other hand, breaches 1.6220/00 support, it'd indicate that market chose the "bearish" scenario.

Analysis by:
Joaquin Monfort
                   Forex4you analyst

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