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Technical Analysis: EUR/USD

Posted by Chris Advincula on May 16, 2013 6:37:00 AM

from Market News International

May 16 Thursday 10:37 GMT


EURO-DOLLAR TECHS: Bear-Cross 55/200-DMAs - Jul 2012 Support Line Is Key

RES 4: 1.3115/16/17 38.2% of $1.3711-1.2743, Apr 29, 22 highs
RES 3: 1.3040 21-DMA
RES 2: 1.3000/03/11 55-DMA, 200-DMA, 5-week MA
RES 1: 1.2928/36 5-DMA, Low May 10 & 61.8% 1.2746-1.3243


SUP 1: 1.2843/62/63 Low May 15, Jul 2012 Support line, 76.4% of 1.2746-1.3243
SUP 2: 1.2744/46 Weekly Bollinger band base, Reversal low Apr 4
SUP 3: 1.2662 Nov 2012 reversal low
SUP 4: 1.2457 Apr 2009 reversal low

COMMENTARY: Euro-dollar pushes through the daily Bollinger base to trade just above
a key Jul 2012 support line, initial support at 1.2862. Yesterday saw a break
below this level, extending to a low of 1.2843, however bulls managed to close
above. Continued failure to close below the Jul 2012 support line could reverse
sentiment but a break below would encourage bears to test the Apr 4 reversal low
at 1.2746. We note the bear-cross of the 55 and 200-DMAs, a bearish signal. resized 600

Chart: WorldWideMarkets Flash Trader


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