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Technical Analysis: EURUSD - Well Supported at 1.3750

Posted by Chris Advincula on Mar 26, 2014 6:43:00 AM

EUR.USD.3.26.2014 resized 600

Chart: WorldWideMarkets Alpha Trader

Symmetrical Triangle Study on the 2 hour Chart

Taking the high peak of the chart of 1.3975 (Mar. 12) and 1.3845 Low (Mar. 13) forms the base of the symmetrical triangle. The difference of the two is 130 points which can be used theoretically as the near-term objective if a break-out occurs within the triangle formation.

The break-out occurred at 1.3890 on Mar. 19 which showed a steep descent to the initial support of 1.3810 and finally meeting the 130 point objective of 1.3760 the following day on Mar. 20 at 7:00am EST.

Fibonacci Arc Study

The Fibonacci Arc retracements are well illustrated taking place within the dome of 38.2%, 50%, even at the 61.8% retracements, all from the rebound from the 1.3750 level.

Fibonacci Fan Study

The Fibonacci Fan retracements in this case is not as well illustrated as the Fibo Arc dome retracements, however narrow is the fan range, the 61.8% mark has already been achieved at 1.3801. The same can be said for the 50% retracement of 1.3820 and 38.2% retracement potential to 1.3840 if the euro goes bid.


Resistance Levels:

1.3825   14 Day Moving Average

1.3840   38.2% Fibonacci Fan

1.3845   Mar 25 Double Top

1.3875   Mar 24 High


Support Levels:

1.3860   Mar 20 initial Support

1.3850   Mar 20 & 25 Low – Well supported here.

1.3720   Mar 3 Low

1.3640   Feb 26 Low


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