Forex Technical Analysis 2011/18/04 (EUR/USD, GBP/USD, EUR/JPY, EUR/GBP) Forecast FX

15.04.2011
Forecast for April 18th, 2011

EUR/USD

In case of the EUR/USD currency pair we have “head & shoulders” reversal pattern forming at the moment. One can try to sell the pair after the price breaks the neckline. The target of the fall is the area of 1.4288, the stop must be above 1.4490. Don’t forget to move stops into the black as soon as possible.



In general, we should expect the price to move downwards to the channel’s lower border in the area of 1.4170, where one can try to open long positions with the final target in the area of 1.5060. If the price breaks and leaves the channel, this case scenario will be cancelled.



GBP/USD


In case of Pound we should also expect the price to move downwards, the target of the fall is the area of 1.6205. The price breaking the trend’s rising line at the RSI is an additional signal to sell the pair, one can also expect the test of the similar line at the price chart. If the price grows to the level of 1.6375, this case scenario will be cancelled.



EUR/JPY


The analysis of the EUR/JPY currency pair indicates that the price may keep falling down. The target of the fall is the area of 118.70. One can try to sell the pair with the tight stop. If the price breaks the channel’s upper border, this case scenario will be cancelled.



EUR/GBP


Technical analysis of the EUR/GBP currency pair also indicates that Euro may fall down. By the moment the price has reached the area where the 4th point of reference is formed. This area is expected to be a starting point of the fall to the channel’s lower border in the area of 0.8660, where the 5th point of reference is formed. One can try to buy the pair from here with the target of 0.8991. But right now we can consider selling the pair. The formation of “failure swing” reversal pattern at the RSI is an additional signal, which indicates the breaking of the level of 0.8720.



At the H4 chart the pair is moving inside the rising channel. Here we also have “head & shoulders” reversal pattern forming with the target in the area of 0.8682. One can try to sell the pair with the stop above 0.8870.



Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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