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Technical Analysis: EUR/USD (from MNI)

Posted by Chris Advincula on Apr 9, 2013 3:06:00 AM

April 9 7:00 GMT

By Peter Burnside


EUR/USD Technicals: Nears 38.2% At 1.3112 While Daily Studies Rise


Resistance 4: 1.3227 50.0% of 1.3711 to 1.2743
Resistance 3: 1.3145/50/57 100-DMA, 38.2% of 1.4940 to 1.2043, 55-DMA
Resistance 2: 1.3112/16 38.2% of 1.3711 to 1.2743, 21-month MA
Resistance 1: 1.3068-92 High Apr 9, 76.4% 1.2877-1.3711, Mar 5 high, Daily Bollinger top


LATEST PRICE: 1.3046


Support 1: 1.2965/67/74 Low Mar 6, Low Mar 1 & 5-DMA, 23.6% of 1.3711 to 1.2746
Support 2: 1.2922 21-DMA
Support 3: 1.2899 200-DMA
Support 4: 1.2746/52 Low 4 Apr, Daily Bollinger band base


COMMENTARY: Euro-dollar continues to track higher but last three sessions show
significant upper shadows, cautioning bulls. Daily studies also point higher but
near overbought levels while the pair nears the daily Bollinger band top, part
of initial resistance at 1.3092. Weekly studies suggest potential for reversal if
Euro-dollar can break above initial resistance, seen at 1.3068 to 1.3092. Support seen
around 1.2967, Mar 1 low and 5-DMA.

 

eur.tech.4.9 resized 600

Chart: WorldWideMarkets Flash Trader

 

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