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Technical Analysis: EUR/USD

Posted by Chris Advincula on May 3, 2013 5:26:00 AM

May 3 Friday 9:25 GMT

EURO-DOLLAR TECHNICALS: Shooting-Star Reversal Pattern Noted

RES 4: 1.3218/20/28/43 High May 2, 100-wk MA, 50.0% $1.3711-1.2743, High May 1
RES 3: 1.3200/02 Apr 17 high, Apr 16 high
RES 2: 1.3150/60/78 Former 38.2% $1.4940-1.2043, 100-DMA, Daily Bollinger top
RES 1: 1.3115/16/17/17 38.2% of 1.3711-1.2743, Apr 29, 22 highs, 5-DMA


SUP 1: 1.3031/37/60 55-DMA, Low May 2, Apr 4 support line
SUP 2: 1.2957/72/74/89 Dly Bolli base, 200-DMA, 23.6% 1.371-1.275, Low Apr 25
SUP 3: 1.2893 55-week MA
SUP 4: 1.2827 Support line from Jul 24

COMMENTARY: Euro-dollar reverses lower to reach the short-term support line at
1.3060, price action holds just above after breaking slightly below today. The
shooting-star reversal pattern has almost been confirmed, we believe a break and
close below the Apr 4 supp line is also needed to confirm. Initial support at
1.3031/37/60, the 55-DMA, May 2 low and Apr 4 support line. Further supp at
1.2957-89, the daily Bolli base, 200-DMA, former 23.6% and the Apr 25 low.

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