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Daily FX Technical Analysis 18 april 2012

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Daily FX Technical Analysis 18 april 2012

Postby EmmaFx » Wed Apr 18, 2012 3:39 pm

Hi all,

As we notice on the 4 hours chart of EUR/USD, the prices are in the step of forming the Reversal Head and Shoulders which reflects the previous downward movement of the market then its shift to an upward movement .

Today we expect the prices to reach the Neckline level which is the moving average 20 at the 1.3090 level, and then it will resume its bearish trend towards the moving 50 at the 1.3175 level which represents a strong resistance.

However, should the prices breach down the 1.3090 level, this will push the prices down to test the 1.3050 area to strengthen the bullish trend.

Good luck guys ;)
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