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TECHNICAL ANALYSIS May.04

Euro

The 4-hour chart showed that the euro reached new maximums above 1.1550. However, after the pair was overbought, it turned around in the opposite direction. The analysts from Fort Financial Services said that the pair returned to the previous range limited by 1.1450-1.1550.

The bulls will regain the leadership if they break through the resistance at 1.1550. Their target will be 1.1650.

The bears will maintain the initiative if they break through the support at 1.1450. Their target will be 1.1350 and 1.1260.

technical_eurusd_04_05_2016

Pound

The data from the 4-hour chart showed weak positions of the sterling against the US dollar. At the time of the quotes decline, the price levels 1.4670 and 1.4560 were overpassed. Nevertheless, at the end of trading the price went up and finished the trades slightly above the last limit.

The bulls will regain the leadership if they break through the resistance at 1.4670. Their target will be 1.4760 and 1.4880.

The bears will maintain the initiative if they break through the support at 1.4560. Their target will be 1.4480 and 1.4400.

technical_gbpusd_04_05_2016_1

Yen

The 4-hour time-frame showed that the upwards movement took over the downwards trend in the pair USD/JPY and tested the strong support at 105.80. The analysts from FortFS said that due to the bank holiday in Japan and lack of news from the USA the pair trading was slightly volatile and remained in the range limited by 105.80-106.60.

The bulls will maintain the leadership if they break through the resistance at 106.60. Their target will be 107.40 and 108.20.

The bears will regain the initiative if they break through the support at 105.80. Their target will be 105.00.

technical_usdjpy_04_05_2016

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