WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: EUR/USD

Posted by Chris Advincula on May 1, 2013 4:44:00 AM

May 1 Wednesday 8:45 GMT

EURO-DOLLAR TECHNICALS: Key Initial Resistance at 1.3200/02

RES 4: 1.3341 61.8% of 1.3711 to $1.2743
RES 3: 1.3308 Reversal high Dec 19
RES 2: 1.3220/27 100-week MA, 50.0% of 1.3711 to 1.2743
RES 1: 1.3200/02 Daily Bollinger top & Apr 17 high, Apr 16 high

LATEST PRICE: 1.3187

SUP 1: 1.3115/16/17 38.2% of $1.3711-1.2743, Apr 29, 22 highs
SUP 2: 1.3094 5-day moving average
SUP 3: 1.3041/50 55-DMA, 21-DMA
SUP 4: 1.3030 Apr 4 support line

COMMENTARY: Euro-dollar breaks above the 38.2% at 1.3115 to hit a high of
1.3186, just above the 100-DMA but still below the key April 16 and 17 highs
and also the daily Bollinger top, now initial resistance at 1.3200/02. A break above here
would extend gains up to the 50.0% level at 1.3228, especially as daily and
weekly studies are bullish. If euro-dollar reaches the February highs at 1.3711
we may see the pair extend even further to a monthly resistance line at 1.4165.

Market News International & WorldWideMarkets

 

euro.tech.5.1 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.

FAQ CenterLEARN MORE >>
Browse our frequently asked questions and find your answers right away.

VideosLEARN MORE >>
Access to the educational lessons, webinars and platform walkthroughs.

READY TO TRY THE MARKETS?

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