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Technical Analysis: EUR/USD resistance cap at 1.2900

Posted by Chris Advincula on May 21, 2013 6:43:00 AM

From Market News International

May 21 Tuesday 10:45 GMT


EURO-DOLLAR TECHNICALS: Back Above Jul 2012 Support Line To Test 23.6% Level

RES 4: 1.3012/14 200-DMA, 21-DMA
RES 3: 1.2991 55-DMA
RES 2: 1.2967/72 38.2% of $1.3243-1.2797, 5-week MA
RES 1: 1.2936 Low May 10 & 61.8% $1.2746-1.3243


SUP 1: 1.2843/47 Lows May 15, 16
SUP 2: 1.2775/97 Head & Shoulders Neckline, Low May 17
SUP 3: 1.2746 Reversal low Apr 4
SUP 4: 1.2710 Weekly Bollinger band base

COMMENTARY: Euro-dollar rises back above the former Jul 2012 support line, now
at 1.2873, but already tested territory below here. The pair bounced from the
23.6% retracement of 1.3243-1.2797, formerly initial res at 1.2902, but
euro-dollar nudged above here. If bulls fail to break above we expect the pair
will turn lower once more, initial support at 1.2843/47, the lows of May 15 and
16. Further support at 1.2775/97, the H&S neckline on weekly chart and May 17 low. resized 600

Chart: WorldWideMarkets Flash Trader

Topics: EURUSD, EURO, forex trading, European Session, technical analysis, Currency Trading, support and resistance levels


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