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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 26, 2013 3:26:00 AM

April 26 Friday 7:26 GMT

EURO-DOLLAR TECHS: Long Upper-Shadow Cautions Bulls

RES 4: 1.3150/57 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: 1.3094/96 Highs Apr 25, 18
RES 1: 1.3057 55-DMA


SUP 1: 1.2965/67/74/89 Low Mar 6, Low Mar 1, 23.6% 1.3711-1.2746, Low Apr 25
SUP 2: 1.2949 200-DMA
SUP 3: 1.2893 55-week MA
SUP 4: 1.2808/13 Support line from Jul 24, Daily Bollinger band base

COMMENTARY: Euro-dollar leaves a massive upper-shadow yesterday and closes near
its open to form a doji day. Daily studies remain bearish while weekly studies may
have reversed higher, monthly studies mixed. Initial support now at 1.2965/67/74/89,
the lows of Mar 6 and 1, the 23.6% level and Apr 25 low. Below here key support at
1.2949, the 200-DMA. However, price action is already breaking higher and resistance
now at 1.3057, the 55-DMA. Above here key resistance at 1.3115, the 38.2% level.

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