EURUSD Technical Analysis (April 19, 2013)

In the yesterday’s session, the EURUSD had sideways movements, clearly demonstrating indecision among investors due to economic data “mixed” come from both Europe and North America. There is a strong support at the 1.3004 level, if the EURUSD does make a breakout of this support with bearish candlestick, might take a fall to the level of 1.2856.

For now, the EURUSD is below the 200 day moving average but is trying to rise above this SMA 200. If the EURUSD does make a breakout in the resistance level at 1.3200 (which is unlikely for today), could rise to the level at 1.3320. MACD indicator is entering negative territory, which, indicates that we must be careful to do trading with this pair. I could propose the following hypothesis for the EURUSD: If this pair closes the week below 1.3000, would begin a solid bearish trend and could fall to 1.2600 level in the medium term.

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