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Technical Analysis: EUR/USD

Posted by Chris Advincula on May 17, 2013 7:05:00 AM

From Market News International

May 17 Friday 11:05 GMT


EURO-DOLLAR TECHNICALS: Testing Below Jul 2012 Support Line

RES 4: 1.3031 21-DMA
RES 3: 1.2997/3006/8 55-DMA, 200-DMA, 5-week MA
RES 2: 1.2936 Low May 10 & 61.8% 1.2746-1.3243
RES 1: 1.2904 5-day moving average


SUP 1: 1.2843/47 Lows May 15, 16
SUP 2: 1.2742/46 Weekly Bollinger band base, Reversal low Apr 4
SUP 3: 1.2662/80 Nov 2012 reversal low, 61.8% of 1.2043-1.3711
SUP 4: 1.2437/57 76.4% of 1.2043-1.3711, Apr 2009 reversal low

COMMENTARY: Euro-dollar declines further now moving below the Jul 2012 support line
with bears looking to close under. Daily and weekly studies appear bearish and a
close below the support line would see bears target the Apr 4 reversal low at
1.2746. A break below here would suggest a move down to the 200-month MA, at
1.2049, where strong support is expected. Ahead of here, supp at 1.2843/47, the
lows of May 15, 16. Further support at 1.2742/46, the weekly Bollinger base and Apr 4 low. resized 600

Chart: WorldWideMarkets Flash Trader


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