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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 23, 2013 2:56:00 AM

April 23 Tuesday 7:00 GMT


EURO-DOLLAR Technicals: Following Daily Studies Lower - Support At 1.3002


Resistance 4: 1.3200/02/12 Apr 17 high, Apr 16 high, Daily Bollinger top
Resistance 3: 1.3150/56 Former 38.2% 1.4940-1.2043, 100-DMA
Resistance 2: 1.3115/17 38.2% of 1.3711-1.2743, Apr 22 high
Resistance 1: 1.3080/96 55-DMA, High Apr 18


LATEST PRICE: 1.3042


Support 1: 1.3015/21/22 Lows Apr 22, Apr 18, Apr 15
Support 2: 1.3002 Low Apr 17 & 5-week MA
Support 3: 1.2965/67/74/78 Low Mar 6, Low Mar 1, 23.6% of 1.3711-1.2746, 21-DMA
Support 4: 1.2938 200-DMA

COMMENTARY: Euro-dollar declines after again failing to close above the 38.2% of
1.3711-1.2743 at 1.3115. Initial resistance now seen at 1.3080/96, the 55-DMA
and Apr 18 high, bulls may attempt to test this level, however daily studies
continue to slide and 10-day momentum confirms a sell-signal. Initial support
now seen at 1.3015/21/22, the lows of Apr 22, 18 and 15, a break below here
could threaten 1.3002, the Apr 17 low and 5-week MA.

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