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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 12, 2013 2:51:00 AM

April 12 Friday 7:00 GMT

EURO-DOLLAR Technicals: Potential Bullish Engulfing On Weekly Chart


Resistance 4: 1.3341 61.8% of 1.3711 to 1.2743
Resistance 3: 1.3308 Reversal high Dec 19
Resistance 2: 1.3227/58 50.0% of 1.3711 to 1.2743, 100-week MA
Resistance 1: 1.3138-50 Hgh Apr 11, 55-DMA, Dly Boll top, 100-DMA & 38.2% 1.494-1.204


LATEST PRICE: 1.3097


Support 1: 1.3076 5-DMA
Support 2: 1.3040/44 High Apr 5, Low Apr 11
Support 3: 1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of 1.3711 to 1.2746
Support 4: 1.2938 21-DMA


COMMENTARY: Euro-dollar continues to test the upper daily Bollinger band as initial
resistance at 1.3146, while current price action slips above 38.2% level at 1.3112.
Daily studies trend higher but 10-day momentum starts flattening and slow
stochastic is now overbought. However, weekly chart shows a bullish engulfing
pattern about to be confirmed today. Key initial resistance around 1.3138 to 1.3150,
including key 38.2% of 1.4940-1.2043, and initial support at 1.3076 - the 5-DMA.

 

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