Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forex4you Technical Analysis 30 April 2012

EUR/USD: Technical Analysis

The eurodollar pair has corrected 61.8% of the previous down move in early April and it could be about to resume its major down-trend. It is falling, but whether this is a short term correction or part of a bigger sell-off is too early to say. It will probably continue lower until it gets to 1.3208 at the lower channel line, where there is also support from the 50-day moving average. From there it may either recover to the top of the channel at 1.3285 or it will break out down to 1.3150.

Analysis by: Joaquin Monfort

Forex4you analyst


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 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.