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Technical Analysis: EUR/USD

Posted by Chris Advincula on May 20, 2013 9:03:00 AM

From Market News International

May 20 Monday 12:55 GMT

EURO-DOLLAR TECHNICALS: Weekly H & S Pattern Nearly Completed - Neckline At 1.2775

RES 4: 1.2993/3009 55-DMA, 200-DMA
RES 3: 1.2962 5-week MA
RES 2: 1.2936 Low May 10 & 61.8% $1.2746-1.3243
RES 1: 1.2870/73 Former Jul 2012 Support line, 5-DMA


SUP 1: 1.2775/97 Head & Shoulders Neckline, Low May 17
SUP 2: 1.2746 Reversal low Apr 4
SUP 3: 1.2702 Weekly Bollinger band base
SUP 4: 1.2662/80 Nov 2012 reversal low, 61.8% of 1.2043-1.3711

COMMENTARY: Euro-dollar now trades below the former Jul 2012 support line, now
initial resistance at 1.2870, just below the 5-DMA at 1.2873. Bulls may try to
retest this level as resistance, however the weekly chart shows an almost
completed Head & Shoulders pattern, the right shoulder is nearly finished and
the neckline lies at 1.2775. Studies are bearish and a break and close below
here would further encourage bears and also target a measured move to 1.1772. resized 600

Chart: WorldWideMarkets Flash Trader


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