EUR/USD Forecast April 30, 2012, Technical Analysis

The EUR/USD pair rose during the session on Friday, but fell a bit short of breaking out of the descending triangle that the market looks like it is trying to form. There are a ton of problems in Europe at the moment, so buying the currency still isn’t in our thoughts at the moment. In fact, we see lower highs over the last couple of months – the very definition of a downtrend. However, we have to note that a move above the 200 day EMA and the 1.35 level would both signal a bullish market going forward. Look for shocks to continue in this pair, and the 1.30 level to be challenged again. Obviously – if that level gives way it would be a significant development in this pair.

Written by FX Empire