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Daily Forex Analysis - The Euro Sees A Reversal: April 18, 2012

Published 04/18/2012, 05:01 AM
Updated 02/02/2022, 05:40 AM
EUR/USD
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USD/JPY
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USD/GBP
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EUR/USD: The market saw a sharp reversal yesterday marking the first bullish reversal since Oct 4, 2001.
 
Looking down we see key support levels at 1.2880 and also at 1.2900 and we could test these levels while below the April high at 1.3379.
 
With this said first resistance levels of interest is at 1.3210 and the 1.3250. Short-term support is at 1.3090.
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Daily Forex Analysis: The Cable Sees Strong Resistance at 1.6062

USD/GBP

The market still sees formidable resistance at the April high at 1.6062 and has tried to test, without success, the trend line support from the January and March lows.
 
The 100% Fibonacci level remains a support level of interest at 1.5727.
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Daily Forex Analysis: The Dollar-Yen Sees Resistance At 81.20

USD/JPY

The market is facing stiff resistance off the Monday high at 81.20 and has strong support at 81.54. A move above 81.50 can test 82.00.
 
We need a move above or below those levels to end the range trade.
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