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Forex4you Technical Analysis 10 April 2013

EUR/USD: Up-Trend Continues

Eurodollar has broken above the monthly pivot at 1.3045 and risen up sharply. It is close to resistance from the 50-day MA in the 1.3130s. If it breaks above the 50-day then it may rise even further to a possible target at 1.3245. Currently there are no signs the short-term up-trend may be about to end. Several targets at the current level have been hit but price-action is still bullish. It would require a break below the pivot at 1.3045 to make a bearish case, with a sell-off down to around 1.2980 possible thereafter.

USD/JPY: Rallying Higher

The gap up after the weekend remains open and the pair continues to rally. The 100.00 target is now easily within reach and it is probable that it will reach it, as well as the next target higher at the monthly pivot situated at 100.78. Alternatively, a move below the 98.50 would signal a possible gap-fill down to 97.80. The up-trend remains strong, however, and will probably resume thereafter.

Analysis By: Joaquin Monfort, Forex4you Analyst

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