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Forex Analysis

04/23/2015 07:25:19

The euro continues to edge higher towards the highs of last week, towards 1.0850

The euro continues to edge higher towards the highs of last week, towards 1.0850, and the potential for a move towards 1.1000. Only a break below trend line support at 1.0680 from last week’s low at 1.0520 suggests a move back lower, said Michael Hewson, analyst at CMC Markets.

More comments about currencies by Mr. Hewson:

GBPUSD – the pound continues to edge higher pushing above the 50 day MA, and potentially building up for a move towards 1.5500, reinforcing 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 – the euro continues to look weak, drifting lower below the lows last week at 0.7150, and potentially closing in on the 0.7100 level. To mitigate the downside pressure we need to recover back through the 0.7235 area.

USDJPY – currently finding resistance just below the 120.00 level. 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.

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