WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

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


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 resized 600 

Chart: WorldWideMarkets Flash Trader


Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

Browse our frequently asked questions and find your answers right away.

Access to the educational lessons, webinars and platform walkthroughs.


Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!