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Technical Analysis: EUR/USD 2012.04.20

April 20, 2012 09:52

  The pair is still consolidating by the 100-Day SMA at 1.3120. Should it hold above the 100-Day SMA and then break above the 50-Day SMA by 1.3200, the uptrend will likely continue towards the 1.3485 resistance or the 200-Day SMA by 1.3500. Otherwise, we could see a new drop to the 1.3000 support, with a clear break below to confirm the bearish bias and accelerate declines towards the 1.2625 low.    

Edward Smith, technical analyst of company Admiral Markets.

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