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Technical Analysis: EUR/USD (from MNI)

Posted by Chris Advincula on Apr 10, 2013 2:23:00 AM

April 10 Wednesday 6:30 GMT

EURO-DOLLAR Technicals: Tests Daily Bollinger Top, Holds Below 38.2% at 1.3112


Resistance 4: 1.3308 Reversal high Dec 19
Resistance 3: 1.3227 50.0% of 1.3711 to 1.2743
Resistance 2: 1.3145/50/57 100-DMA, 38.2% of 1.4940 to 1.2043, 55-DMA
Resistance 1: 1.3103/10/12/16 Apr 9 high, Dly Bollinger top, 38.2% 1.371-1.2743 21-mth MA

LATEST PRICE: 1.3087

Support 1: 1.3021/40/47 5-DMA, Highs Apr 5, Mar 25
Support 2: 1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of 1.3711 to 1.2746
Support 3: 1.2926 21-DMA
Support 4: 1.2902 200-DMA


COMMENTARY: Euro-dollar pushes higher again to test the daily Bollinger band
top, now at 1.3110 and part of initial res. Daily studies still sharply higher
and 10-day momentum is almost at the highs seen after the rally ending on Feb 1.
Weekly slow stochastic lines are almost crossing to form a buy-signal but 10-wk
momentum still shows negative divergence. Key res at $1.3112, the 38.2% of
1.3711-1.2743, bulls aim to break above but failure opens downside.

 

eur.tech.4.10 resized 600

Chart: WorldWideMarkets Flash Trader

 

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