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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 25, 2013 5:09:00 AM

April 25 Thursday 9:10 GMT

EURO-DOLLAR TECHNICALS: Bounces From 200-DMA - Studies Firming


RES 4: 1.3200/02/05 Apr 17 high, Apr 16 high, Daily Bollinger top
RES 3: 1.3150/56 Former 38.2% 1.4940-1.2043, 100-DMA
RES 2: 1.3115/17 38.2% of 1.3711-1.2743, Apr 22 high
RES 1: 1.3062/64/96 Hourly high, 55-DMA, High Apr 18


LATEST PRICE: 1.3041


SUP 1: 1.2996/3002/11 21-DMA, Low Apr 17, Hourly low
SUP 2: 1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of 1.3711 to 1.2746
SUP 3: 1.2945 200-DMA
SUP 4: 1.2893 55-week MA


COMMENTARY: Euro-dollar tested support yesterday as it fell through the 21-DMA and
former 23.6% to bounce from just above the 200-DMA before ending higher. Daily
studies may be about to reverse higher but remain bearish for now. Initial supp
at 1.2996/3002/11, the 21-DMA, Apr 17 low and hourly low. Price action today
already tested initial resistance at 1.3062/64/96, the hourly high, 55-DMA and the
Apr 18 high. A break above could extend gains to the 38.2% level at 1.3115.

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