EURUSD Technical Analysis (April 18, 2013)

In the yesterday’s session, the EURUSD had a bearish day, thanks to economic data that did not favor this pair.

The EURUSD is facing a very important: The support at the 1.2995 level. If the EURUSD does a breakout in this support, it is likely that the EURUSD can fall to the next support level at 1.2865. Right now, the EURUSD is in a very congested area where indecision is with the investors and for that reason, I recommend only to do trading if the EURUSD does a breakout of the support at 1.2995 with a bearish candlestick. On the other hand, if this pair does a breakout of the resistance at 1.3200, the EURUSD could rise to 1.3264 resistance, which, I don’t see very possible, but we must be attentive to the G20 meetings in today’s session.

The MACD indicator is in positive territory but is already showing signs of overbought in this pair, which together with the current position of the moving average of 200, are supporting a bearish outlook in the medium term for the EURUSD.

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