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Technical Analysis: EUR/USD

Posted by Chris Advincula on May 13, 2013 7:22:00 AM

from Market News International

May 13 Monday 11:20 GMT

EURO-DOLLAR TECHS: Bears Eye Break Below Initial Support


RES 4: 1.3115/16/17 38.2% of 1.3711-1.2743, Apr 29, 22 highs
RES 3: 1.3046/67 5-DMA, 21-DMA
RES 2: 1.3010/11 55-DMA, Low May 9
RES 1: 1.2989/95 Low Apr 25, 200-DMA

LATEST PRICE: 1.2978

SUP 1: 1.2936/45 Low May 10 & 61.8% $1.2746-1.3243, Daily Bollinger base
SUP 2: 1.2850/63 Jul 2012 Support line, 76.4% of $1.2746-1.3243
SUP 3: 1.2746/59 Low Apr 4, Weekly Bollinger band base
SUP 4: 1.2662 Nov 2012 reversal low

COMMENTARY: Euro-dollar closes below the 200-DMA while daily studies continue to
slide. Weekly studies are weaker and bears now eye initial support, seen at
1.2936/46, the May 10 low and 61.8% of the move from 1.2746 to 1.3243 and
also the daily Bollinger base. Strong support expected here and break below
targets the Jul 2012 support line at 1.2850, also 76.4% level at 1.2863.
Initial resistance around the 200-DMA at $1.2995, failure here encourages bears.

 

euro.tech.5.13 resized 600

Chart: WorldWideMarkets Flash Trader

 

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