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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 18, 2013 4:02:00 AM

April 18 Thursday 8:04 GMT

EURO-DOLLAR Technicals: Daily Studies Turn Bearish, Weekly/Monthly Studies Rise


RES 4: 1.3192/3200/02 Daily Bollinger top, Apr 17 high, Apr 16 high
RES 3: 1.3150/56 Former 38.2% 1.4940-1.2043, 100-DMA
RES 2: 1.3109/12 55-DMA, 38.2% of 1.3711-1.2743
RES 1: 1.3083 5-day moving average


LATEST PRICE: 1.3052


SUP 1: 1.3021/22 Hourly low, Low Apr 15
SUP 2: 1.3002 Low Apr 17
SUP 3: 1.2959/65/67/74 21-DMA, Low Mar 6, Low Mar 1, 23.6% 1.3711-1.2746
SUP 4: 1.2926 200-DMA


COMMENTARY: Euro-dollar posts long black candle falling 100 pips after failing
to break above the Apr 16 high at 1.3202, now further key resistance. Initial resistance seen
at 1.3083, the 5-DMA. Daily studies turn bearish as 10-day momentum breaks lower
and slow stochastic shows a sell-signal. However, weekly studies show bullish
signs as wkly stochastic leaves a buy-signal. Initial support 1.3021/22, hourly
low and Apr 15 low. Break below here targets 1.3002, yesterday's low.

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