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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 24, 2013 5:06:00 AM

April 24 Wednesday 9:10 GMT


EURO-DOLLAR TECHS: Slips Below 1.3000 - Daily Studies Slide


RES 4: 1.3150/55 Former 38.2% 1.4940-1.2043, 100-DMA
RES 3: 1.3115/17 38.2% of 1.3711-1.2743, Apr 22 high
RES 2: 1.3070/96 55-DMA, High Apr 18
RES 1: 1.3006 Hourly high


LATEST PRICE: 1.3006


SUP 1: 1.2965/67/74/83 Low Mar 6, Low Mar 1, 23.6% of 1.3711-1.2746, 21-DMA
SUP 2: 1.2941 200-DMA
SUP 3: 1.2893 55-week MA
SUP 4: 1.2800 Support line from Jul 24


COMMENTARY: Euro-dollar slipped below the Apr 17 low and 5-wk MA, former support at
1.3002, and now holds just below while daily studies continue to decline. Initial
supp now at $1.2965/67/74/83, the lows of Mar 6 and Mar 1, the 23.6% of
1.3711-1.2746 and the 21-DMA. A break below here would likely target a test of
the 200-DMA, further supp at 1.2941. Weekly tech studies appear weak and further
supp at 1.2893, the 55-wk MA. Bulls look to break the hourly high at 1.3006.

Peter Burnside & Kyle Shortland

Market News International

euro.tech.4.24 resized 600 

Chart: WorldWideMarkets Flash Trader

 

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