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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 11, 2013 2:06:00 AM

April 11 Thursday 6:00 GMT

EURO-DOLLAR Technicals: Fades From Key 38.2% At 1.3112, Studies Slip


Resistance 4: 1.3308 Reversal high Dec 19
Resistance 3: 1.3227 50.0% of $1.3711 to $1.2743
Resistance 2: 1.3147/50 55-DMA, 100-DMA & 38.2% of 1.4940 to 1.2043
Resistance 1: 1.3112-22 38.2% of 1.3711-1.2743, 21-mth MA, Daily Bollinger top, High Apr 10


LATEST PRICE: 1.3069


Support 1: 1.3040/44 Highs Apr 5, 5-DMA
Support 2: 1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of 1.3711 to 1.2746
Support 3: 1.2930 21-DMA
Support 4: 1.2905 200-DMA


COMMENTARY: Euro-dollar was turned away by the key resistance level at 1.3112, the
38.2% of 1.3711-1.2743, which is joined by the 21-month MA, daily Bollinger
band top and the Apr 10 high at 1.3116/19/22, respectively. Bulls require a
close above here to return an upward trend, however, daily studies are weakening
and 10-wk momentum still declines. Initial supp at 1.3040/44, the Apr 5 high
and 5-DMA. In the longer-term, bears look to decline to 200-month MA at 1.2048.

 

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