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Forex Analysis

04/24/2015 07:20:13

EUR/USD: prospect of a move back to 1.1000 is on the cards

By Michael Hewson, analyst at CMC Markets

CMC Markets, Michael Hewson said: yesterday’s euro decline bounced off the support line from the 1.0520 lows keeping the recent uptrend intact. This keeps the prospect of a move back to 1.1000 very much on the cards. Only a break below trend line support at 1.0680 from last week’s low at 1.0520 suggests a move back lower.

More comments from Mr. Hewson:

GBPUSD – yesterday’s dip found support at 1.4960, keeping alive the prospect of further gains towards 1.5200 initially, and then on to 1.5500. This resilience reinforces last week’s bullish weekly reversal candle. Pullbacks should find support at the lows this week at the 1.4850 level. A fall below 1.4850 retargets 1.4780.

EURGBP – yesterday’s rebound from 0.7117 suggests we may have seen a short term base. To mitigate the downside pressure we would need to see move back through the 0.7235 area.

USDJPY – despite a quick peak above 120.00 yesterday we’ve slid back again. We need to retake the 120 level to retarget the 120.70 area and the highs at 122.00. While below 120.00 the bias remains for a return towards the March lows at 118.30. A move below 118.30 retargets the 116.50 level.

Noemí Jansana 

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