12.04.201111:11 Forex Analysis & Reviews: EUR/USD Daily Forecast For April 12 / 2011

Long-term review

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DAILY FORECAST :

The bias of the pair is still in a Bullish situation, BUT we got a warning signal from the divergence between the MACD Histogram, because the price is making a new high, but the MACD Histogram made a Double Top formation, it means the EUR/USD will have a l retracement to the downside, especially if the EUR/USD can break out and close below the Fibonacci Support 23.6% at 1.4379, it will cause the pair to go down to test the Dynamic Support at 1.4358 (5 Periode Moving Avarage in Daily Charts) as the first target and 1.4311 (Fibonacci Support 38.2%) as the second target. On the other hand, if the pair can break out and close above today's opening at 1.4434, it will cause the EUR/USD to go up to 1.4451 as the first target and 1.4475 as the second target.

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