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Technical Analysis: EUR/USD

Posted by Chris Advincula on May 15, 2013 7:34:00 AM

from Market News International

May 15 Wednesday 11:35 GMT


EURO-DOLLAR TECHS: Daily Studies Slide & Weekly Studies Turning Lower

RES 4: 1.3115/16/17 38.2% of 1.3711-1.2743, Apr 29, 22 highs
RES 3: 1.3050 21-DMA
RES 2: 1.3001/04/24 200-DMA, 55-DMA, 5-week MA
RES 1: 1.2973 5-day moving average


SUP 1: 1.2912/15 Low May 14, Daily Bollinger band base
SUP 2: 1.2858/63/84 Jul 2012 Support line, 76.4% of 1.2746-1.3243, 55-week MA
SUP 3: 1.2746/55 Reversal low Apr 4, Weekly Bollinger band base
SUP 4: 1.2662 Nov 2012 reversal low

COMMENTARY: Euro-dollar continues its descent to further test the daily Bollinger
base, now initial support at 1.2915 just above yesterday's low of 1.2912. A
break below here targets the key Jul 2012 support line, at 1.2858, ahead of
here support from the 76.4% Of 1.2746 to $1.3243 and the 55-week MA at 1.2863
and 1.2884, respectively. To turn sentiment around, bulls need to break back
above the 200 & 55-DMAs, however bears eye the Apr 4 reversal low at 1.2746. resized 600

Chart: WorldWideMarkets Flash Trader


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