Forex4you Technical Analysis 05 April 2011

EUR/USD: Technical Analysis

EUR/USD is going sideways now but it may fall soon as there is a fulcrum top reversal pattern on the 3 x 0.0005 chart with a downside target of 1.4130. Eventually, however, the uptrend will probably resume given the continuing bullish targets of 1.4385 and 1.4550 on the larger box charts.

http://forex4you.ninjacdn.net/charts/EURUSD050411.png

GBP/USD: Technical Analysis

Nothing's changed in this pair, another "bullish" attempt to hold above 1.6100-1.6150 range looked to be more successful compared to the previous ones, but it still failed as well. The price is currently consolidating at 1.6100/20 level. Indicators are still turned up, however, previous forecasts still apply - until the price breaches level 1.6220/30 and holds above, the "bears" still have chances to bring the price down to significant support at 1.5840/50 level. If the price eventually rises above 1.6220/30, there new maximums around levels 1.6450/1.6500 will be probably tested.

http://www.forex4you.com/images/site/GBP050411_2.GIF

Analysis by: Joaquin Monfort
Forex4you analyst

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