Forex4you Technical Analysis 11 April 2011

EUR/USD: Technical Analysis

he price managed to rise above 1.4450 level, which matches with the previously mentioned uptrend channel resistance (blue) line, and it's now making attempts to hold above this level. Trading consolidates at level 1.4455\65. Indicators are "bullish", suggesting further growth. However, there is a big cluster of significant resistance levels within 1.4400 - 1.4500 range, so there are chances that growth may stop and a large scale pullback downwards may follow. The "bulls" can also make an attempt to test level 1.4500 and big correction down will commence from there. Support 1.4360/70 level breakout will indicate further decline, at least to 1.4250 support level. Fall down to lower levels will be a signal for reversal.

http://www.forex4you.com/images/site/EUR110411.GIF

USD/JPY: Technical Analysis

Resistance 85.55/50 level turned out to be stronger than expected - the price failed to pass this barrier and it's currently pulling back downwards, now residing at 84.60/70. Indicators are not so "bullish" anymore, which gives enough reasons to consider further decline. The previous sideways movement, observed after the price tested 84.55 level, may extend its range to 84.00/83.90 support level. However, the up trend is still dominating in the market, and growth to the new local maximums should proceed anytime soon. The up trend channel (red) line breakout doesn't seem to indicate a possible reversal. However, decline below 83.00/10 level will give reasons to expect the "bears" to come into play.

http://www.forex4you.com/images/site/JPY110411.GIF

Analysis by: Joaquin Monfort
Forex4you analyst

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