EUR/USD candlestick analysis for April 19, 2011

EUR/USD pair is rolling back after it could not break the resistance level 1.4520.
Nevertheless, it is still trading in an uptrend after it has successfully broken the 1.4278 resistance level. As mentioned before, a break of this level will target the pair to 1.4577.
Earlier in the intraday chart EUR/USD shaped a Bullish Engulfing candlestick combination which is an explicit signal to growth.
Such a candlestick combination points to the growth of the pair for several weeks. However, there was a rollback registered at the 1.4035 level which was a good opportunity to start buying.
Further upside movement is supported by the fact that the uptrend remains.
The break of 1.4035 resistance level proves this viewpoint. Now we should expect upside movement to the resistance level 1.4278.
It is worth mentioning that stop loss orders should be placed slightly below 1.4100 as a break of this level will denote that the uptrend is broken
http://instaforex.com/forex_analysis/27021/?x=OUE

EUR/USD Weekly Forecast April 18th - APRIL 22nd / 2011

WEEKLY REVIEW :
The EUR/USD is still trading above the 10 weeks periode moving avarage, and the slope of the moving avarage is still pointing to the upside, it means the trend bias of the pair in weekly charts is still in a Bullish situation, however the closing candle of the last week closed below the opening weekly bar, but still in the body of the previous week, so we categorized the downside movement as a small retracement. However please pay attention to the 1.4370 and the previous low weekly candle at the 1.4362 level, because we predict that this week this level has a potential to be tested by the EUR/USD, if this level can be passed and broken out, the EUR/USD will have a potential to go down to the Fibonacci Support 38.2% at the 1.4327 as the first target and the Fibonacci Support 50% at the 1.4268. However if the 1.4490 can be broken and passed by this pair, this week the EUR/USD will test the 1.4519 level.

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Performed by Arief Makmur, Analytical expert

http://instaforex.com/forex_analysis/26897/?x=OUE

USD Review 14-04-2011

USD againts Major Pair Review :
The USD Dollar weakened againts almost all major pairs except the GBP that traded in a ranging situation againts the USD. Againts the EUR, CHF and the YEN, the USD is still in a downside situation.

USD Againts Commdoll :
Againts the Commodity Dollar Pair, the USD still looks weak as well, event againts the CAD and the AUD, the USD strengthened slightly, but the bearish pressure for the USD is still in advance.



Conclusion :
Because the USD still has a bearish pressure in almost all Major Pair and the Commodity Dollar, we predict for today that the USD will be still in a downtrend situation againts all the major and the comdoll pair.

http://instaforex.com/forex_analysis/26743/?x=OUE

GBP/JPY Elliott wave count and Fibonacci levels - April 13, 2011

GBP/JPY has finished wave 130.18-139.93 - wave C of medium term uptrend, colored royal blue in the chart. And now corrective wave 4 is developing. This wave on smaller scale has four subwaves within it, and corrective subwave 4 is still developing - colored orange red in the chart. The targets of the upmove are Fibonacci retracements of 139.93-135.62 and 139.15-135.62.

Resistances:

- 137.27-38 = confluence area of .382 and .50 retracements
- 137.78-80 = .50 and .618 retracements
- 138.28 = .618 ret

If the downtrend resumes the immediate supports will be Fibonacci retracements of 130.18-139.93, 122.49-139.93, and expansions off 139.93-137.92-139.15.

Supports:

- 135.06 = .50 retracement
- 133.90-89 = confluence area of .618 retracement and SXOP
- 133.27 = .382 ret
- etc.

If the price reverses up the immediate resistances will be Fibonacci retracements of the waves down from 139.15 and 139.93 - these waves are not developed yet.

Overbought/Oversold

Assuming that the medium term is down it's preferable to open short positions when the Detrended Oscillator gets above the zero level (current prices) or into the overbought area (current prices).

http://instaforex.com/forex_analysis/26677/?x=OUE

EUR/USD Daily Forecast For April 12 / 2011

DAILY FORECAST :http://instaforex.com/forex_analysis/26593/?x=OUE
The bias of the pair is still in a Bullish situation, BUT we got a warning signal from the divergence between the MACD Histogram, because the price is making a new high, but the MACD Histogram made a Double Top formation, it means the EUR/USD will have a l retracement to the downside, especially if the EUR/USD can break out and close below the Fibonacci Support 23.6% at 1.4379, it will cause the pair to go down to test the Dynamic Support at 1.4358 (5 Periode Moving Avarage in Daily Charts) as the first target and 1.4311 (Fibonacci Support 38.2%) as the second target. On the other hand, if the pair can break out and close above today's opening at 1.4434, it will cause the EUR/USD to go up to 1.4451 as the first target and 1.4475 as the second target.
http://instaforex.com/forex_analysis/26593/?x=OUE

The EUR/USD technical analysis and trading recommendations for April 11, 2011

Overview:
We can see that the euro is still observing the buy signal, correction movement has ended, which allows us to trade up. The formed sell signal is strong and confirmed, since the Chinkou Span fixated above the price graph and the price is above the Ichimoku cloud. Thus, the first target for the upside movement is 1.4501 – the first resistance level, reached already. If this level is passed the second target will be the second resistance level at 1.4597. Upside movement remains while the price is above the Kijun-sen (1.4325), if the price fixates below this line it is recommended to cut long positions. The Chinkou Span is above the price graph, which confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show upside movement, the lines are diverging and directed up. The MACD is ascending, thus indicating current upside movement, if it reverses down, long positions should be cut as this will denote the beginning of a correction movement.







Trading recommendations:
Currently it is recommended to trade up with target at 1.4501 and further to 1.4597. Stop Loss should be placed below 1.4325. If the MACD reverses down, it is recommended to cut long positions.
In addition to technical image, one should take into account the fundamental data and the time of their
release.



The chart annotation:
Ichimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with white bars in the indicators window.





Performed by Stanislav Polyanskiy, Analytical expert
http://instaforex.com/forex_analysis/26527/?x=OUE

The EUR/USD technical analysis and trading recommendations for April 8, 2011

Overview:
We can see that the euro is still observing the buy signal, correction movement has ended, which allows us to trade up. The formed sell signal is strong and confirmed, since the Chinkou Span fixated above the price graph and the price is above the Ichimoku cloud. Thus, the first target for the upside movement is 1.4395 – the first resistance level, reached already. If this level is passed the second target will be the second resistance level at 1.4542. Upside movement remains while the price is above the Kijun-sen (1.4280), if the price fixates below this line it is recommended to cut long positions. The Chinkou Span is above the price graph, which confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show upside movement, the lines are diverging and directed up. The MACD is ascending, thus indicating current upside movement, if it reverses down, long positions should be cut as this will denote the beginning of a correction movement.





Trading recommendations:
Currently it is recommended to trade up with target at 1.4395 and further to 1.4542. Stop Loss should be placed below 1.4280. If the MACD reverses down, it is recommended to cut long positions.
In addition to technical image, one should take into account the fundamental data and the time of their
release.



The chart annotation:
Ichimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with white bars in the indicators window.

http://instaforex.com/forex_analysis/26419/?x=OUE