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Euro Technical Analysis

Posted by Joseph Trevisani on Apr 1, 2013 1:58:00 PM


Medium Term Outlook Bearish While Below 200-Day Moving Average

Resistance 4: 1.3047 High March 25
Resistance 3: 1.2965/67/78 Low March 6, Low March 1, 23.6% of 1.3711 to 1.2751
Resistance 2: 1.2949/55 21-day moving average, Resistance line from February 1
Resistance 1: 1.2887/90 200-day moving average, High March 26

LATEST PRICE: 1.2845

Support 1: 1.2751/71 Recovery low March 27, Low April 1
Support 2: 1.2719 Support line from 1 March
Support 3: 1.2662/80 November 13 reversal low, 61.8% of 1.2043-1.3711
Support 4: 1.2611 2.00% moving average envelope lower

COMMENTARY: It has been an impressive recovery off 1.2771 but while below the 200-day moving average at 1.2887 and also a 2-month resistance line at 1.2955, the medium-term outlook remains bearish. The daily stochastic study continues to point lower and remains in sell mode.

 

MNI & WWM

Chart: Bloomberg

ScreenHunter 878 Apr. 01 14.23 resized 600

 

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