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Forex Trading: EUR/USD Technical Analysis (from MNI)

Posted by Chris Advincula on Apr 5, 2013 1:58:00 AM

April 5 Friday 6:00 GMT

EURO-DOLLAR Technicals: Bullish Key-Day Reversal - Momentum Not Convinced

Resistance 4: 1.3115 38.2% of 1.3711 to 1.2746
Resistance 3: 1.3074/75/81 76.4% of 1.2877-1.3711, Mar 5 high, Bollinger band top
Resistance 2: 1.3047 High Mar 25
Resistance 1: 1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of 1.3711 to 1.2746


Support 1: 1.2919 21-day moving average
Support 2: 1.2894 200-day moving average
Support 3: 1.2749/46 Daily Bollinger band base, Low 4 Apr
Support 4: 1.2680/84 61.8% of 1.2043 to 1.3711, Support line from 1 Mar

COMMENTARY: Bullish key-day reversal yesterday, which saw price action close and
break above the 200-day moving average and also the 2-month channel top.
However, momentum study isn't convinced, which is now back in negative
territory. Support is at 21-day moving average, which is valued at 1.2919 and
close back below the 200-day moving average likely to see momentum wane further. resized 600

Chart: WorldWideMarkets Flash Trader


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