Daily analysis of major pairs for April 21, 2014 Trend News

EUR/USD: It is still safe to call this pair a bullish market. As long as the price is above the support line at 1.3800, the bullish outlook is valid. Any movement below that support line would mean a serious threat to the bullish outlook. It would also mean that long trades are no longer sensible. For the bullish outlook to continue, the price needs to go upwards towards the resistance lines at 1.3850 and 1.3900, especially when there is a breakout of the current equilibrium zone.

USD/CHF: USD/CHF has already generated a bullish signal: the price would easily test the resistance level at 0.8850. There is even a possibility that the price may go beyond that target, especially with an increase in the buying pressure. So, it would not be a surprise when the price reaches another resistance level at 0.8900.

GBP/USD: There is still a Bullish Confirmation Pattern on this trading instrument. The upward movement in the price has been challenged at the distribution territory of 1.6800, but the market looks determined to break that distribution territory to the upside. The market would succeed in doing this: the probability is very high. So we may be targeting another distribution territory at 1.6900 this week.

USD/JPY: The signal in the chart is a ‘buy’ signal. The indicators on the 4-hour chart confirm this. The supply level at 102.50 has already been tested, and it could be breached as the price goes further north, towards the supply level at 103.00.

EUR/JPY: This cross closed at 141.41 last week; with some bullish determination. We would like to look for long orders this week, putting initial target at the supply zone of 142.00.

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EUR/USD technical analysis for April 21, 2014 Trend News

Today, the European market is closed because of the bank holiday in Germany, Italy, and France. only the US will release the CB leading index m/m, so amid the reports, EUR/USD will feature low volatility today.

Today's technical levels:

Breakout buy level: 1.3882.

Strong resistance:1.3873.

Original resistance: 1.3860.

Inner sell area: 1.3847.

Target inner area: 1.3814.

Inner buy area: 1.3781.

Original support: 1.3768.

Strong support: 1.3755.

Breakout sell level: 1.3745.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3768 and 1.3860. The rate is accompanied by strong support at 1.3755 and by 1.3873 as strong resistance.

If EUR/USD breaks out and closes below the 1.3745 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3882 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a buy position at the level of 1.3781 and at 1.3847, a sell position. In this case, both targets should be placed at the level of 1.3814.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For more analysis go to: blog.mt5.com/arief

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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GBP/USD daily analysis for April 21, 2014 Trend News

Daily chart: This pair is still above the support level of 1.6766, so the bullish bias remains intact in GBP/USD. During this week, it is expected to continue to make this pair corrective movements and try to climb up to the resistance level of 1.6851. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.6950. The MACD indicator is in a positive territory.

H4 chart: GBP/USD is making a bullish rebound above the support level of 1.6785, so it is very likely that this pair remains above that level. However, if GBP/USD manages to make a breakout at the support level of 1.6785, it is expected to fall to a bearish trend line at the 1.6700 level. The MACD indicator is in a negative territory.

H1 chart: For now, GBP/USD remains above the 200-day moving average, so the bullish outlook is still alive in this pair. However, GBP/USD is trying to make a breakout on the resistance level of 1.680. If successful, it is expected to rise to the level of 1.6850. The MACD indicator is in a positive territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.

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