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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 15, 2013 3:10:00 AM

April 15 Monday 7:00 GMT


EURO-DOLLAR Technicals: Weekly Bullish Engulfing But Daily Studies Overbought


Resistance 4: 1.3341 61.8% of 1.3711 to 1.2743
Resistance 3: 1.3308 Reversal high Dec 19
Resistance 2: 1.3227/47 50.0% of 1.3711 to $1.2743, 100-week MA
Resistance 1: 1.3135/38/45/50/52 55-DMA, High Apr 11, Dly Bollinger top, 38.2%, 100-DMA


LATEST PRICE: 1.3075


Support 1: 1.3037/40/44 Low Apr 12, High Apr 5, Low Apr 11
Support 2: 1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of 1.3711 to $1.2746
Support 3: 1.2937 21-DMA
Support 4: 1.2913 200-DMA


COMMENTARY: Euro-dollar runs into key initial resistance still seen around 1.3135 to
1.3152, a break above here would extend the pair's topside breakout with focus
turning to 50.0% 1.3711-1.2743 at 1.3227, just below 100-wk MA at 1.3247.
Wkly studies suggest bullish reversal as chart shows confirmed bullish engulfing
pattern and weekly slow stochastic forms a buy-signal. Daily studies look overbought
and initial support around 1.3037/40/44, Apr 12 low, Apr 5 high and Apr 11 low.

 

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