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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 17, 2013 3:55:00 AM

April 17 Wednesday 8:00 GMT

EURO-DOLLAR Technicals: Bullish Studies, New Apr 4 Support Line At 1.3063

RES 4: 1.3341 61.8% of 1.3711 to 1.2743
RES 3: 1.3308 Reversal high Dec 19
RES 2: 1.3227/48 50.0% of 1.3711 to 1.2743, 100-week MA
RES 1: 1.3202/05 Apr 16 high, Daily Bollinger top


LATEST PRICE: 1.3157


SUP 1: 1.3150/57 Former 38.2% 1.4940-1.2043, 100-DMA
SUP 2: 1.3112/20/21 38.2% of 1.3711-1.2743, 5-DMA, 55-DMA
SUP 3: 1.3063 Support line from Apr 4 low
SUP 4: 1.3022 Low Apr 15


COMMENTARY: Euro-dollar soars through former key initial resistance to break and close
above the 55 & 100-DMAs, which now form support. Daily studies still bullish, albeit
overbought, but weekly studies have just reversed higher which should encourage
bulls. Initial resistance now at 1.3202/05, the Apr 16 high and daily Bollinger band top, further
resistance at 1.3227/48, 50.0% 1.3711-1.2743 and 100-wk MA. A new Apr 4 support line has
been drawn- now lies at 1.3063. Ahead of here, support from 100-DMA at 1.3157.

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