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Forex4you Technical Analysis 12 May 2011

May 12, 2011 9:21 AM ET
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EUR/USD: Technical Analysis

1.4400/10 resistance level halted the "bulls", so the price recommenced its downtrend, tested 1.4170/80 levels and currently resides around 1.4220/30.  Indicators are bearish, which gives enough reasons to anticipate a soon test of target 1.4060/00 level, mentioned in the previous analysis. Taking into account present market developments, we may expect the price to test even lower minimums on its way down.  The bullish scenario will come into play only if the price rises and holds above  1.4500 level.

GBP/USD: Technical Analysis

The price made an attempt to test the uptrend channel (red) line around 1.6450 level, like it had been expected in the previous forecasts yesterday.  And even thought both the level and the trend line were breached, the price still failed to hold above and retraced backwards.  As a result, selling interests soared and the price descended to 1.6330/00 level, where it still consolidates. Indicators are unclear, although they seem to be more bearish, than bullish, which gives reasons to expect a decline to 1.6220/30 level.  However, the bulls may attempt to recommence their trend as well, which means that 1. 6450/1.6500 resistance level will be tested again.

Analysis by: Joaquin Monfort
                      Forex4you analyst

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