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Forex4you Technical Analysis 12 April 2013

EUR/USD: Falling Within Range

The EUR/USD pair has reached the 50-day MA and is consolidating. It is currently falling down within its range and will probably continue a little lower until it reaches support from the monthly pivot at 1.3035. It may bounce from this area or continue lower, although a decisive break below 1.3035 would be required to signal more downside, with the next target down lying at 1.2950. Alternatively it could bounce from the pivot and rise back up within the range to the highs at 1.3120.

USD/JPY: Consolidating Under 100 Level

The USD/JPY pair has started to weaken today after hitting a new high of 99.94 yesterday. This was close to the key 100.00 level which is considered a major level by analysts. It has been rolling over steadily today but has just met support from the monthly pivot at 98.75 which is also close to some old lows and it will probably bounce from here, back up into the range and possible up to the recent highs. Although less likely, a move below 98.60 would signal a downside breakout to the next level lower at 97.20.

Analysis By: Joaquin Monfort, Forex4you Analyst

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