[B]DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At [/B]
16 Jan 2013 23:51GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
1.3305
55 HR EMA
1.3280
Trend Hourly Chart
Sideways
Hourly Indicators
Rising fm o/sold
13 HR RSI
39
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.3358 - Y’day’s NY res
1.3325 - Y’day’s high
1.3311 - Y’day’s NY res
Support
1.3257 - Y’day’s low
1.3201 - 50% r of 1.2998-1.3404
1.3177 - 50% r of 1.3037-1.3404
EUR/USD - 1.3283 … Euro went through a ‘roller-coaster’ session y’day as price ratcheted lower fm 1.3318 to 1.3262 (1 tick below Tue’s low) in Euro- pean morning b4 rebounding strongly to 1.3325 on euro-supportive comments fm ECB’s Nowotny. Price fell again to 1.3257 n then recovered to 1.3311 in NY.
Despite euro’s rebound fm said y’day’s low of 1.3257 to 1.3311, as long as 1.3325 res (y’day’s high) holds, recent series of lower highs n lower lows fm Mon’s 10-month high of 1.3404 shud resume after consolidation, yield re-test of said sup, below wud bring stronger retracement of intermediate upmove fm 1.2998 to 1.3201 (50% r of 1.2998-1.3404) later today or tom, however, low readings on hourly oscillators shud prevent steep fall fm there n price wud hold well abv 1.3140/53 (chart res n 61.8% r of 1.2998-1.3404) n bring strg rebound later.
Today, we are holding our short position entered in NY in anticipation of such a fall with stop abv 1.3325 res, as break wud signal the corrective fall fm 1.3404 has formed a temp. low n may yield gain to 1.3358 res but daily close abv this lvl needed to confirm MT uptrend has resumed for re-test of 1.3404 top.
