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Technical Analysis: EUR/USD

Posted by Chris Advincula on Apr 29, 2013 2:49:00 AM

April 29 Monday 6:50 GMT

EURO-DOLLAR TECHNICALS: Daily Studies Turning Higher

RES 4: 1.3189/3200/02 Daily Bollinger top, Apr 17 high, Apr 16 high
RES 3: 1.3150/58 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: 1.3094/96 Highs Apr 25, 18


SUP 1: 1.3000/16/20 Apr 4 support line, 21-DMA, 5-DMA
SUP 2: 1.2974/89 23.6% of 1.3711 to 1.2746, Low Apr 25
SUP 3: 1.2954/55 200-DMA, Low Apr 24
SUP 4: 1.2893 55-week MA

COMMENTARY: Euro-dollar continues to pressure to the upside, despite the long
upper-shadow a couple of sessions ago. Daily studies are now also turning
higher, slow stochastic may even form a buy-signal, initial resistance already broken
as price action moves above the 55-DMA at 1.3051, a level which the pair holds
just below. Initial resistance now at 1.3094/96, Apr 25 and 18 highs. Above here, resistance
at 1.3115/17, the 38.2% and 100-DMA. Key initial support around 1.3000/16/20.

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