[B]DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At [/B]
18 Jan 2013 01:41GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
1.3353
55 HR EMA
1.3330
Trend Hourly Chart
Up
Hourly Indicators
Rising
13 HR RSI
58
14 HR DMI
+ve
Daily Analysis
Possible resumption of upmove
Resistance
1.3486 - Feb 29 high
1.3430 - Equality projection of 1.2876-1.3308 fm 1.2998
1.3404 - Mon’s high
Support
1.3334 - Y’day’s NY sup
1.3315 - Y’day’s Asian res
1.3257 - Thur’s low
EUR/USD - 1.3394 … Despite y’day’s brief drop fm 1.3315 to 1.3270 in Asia, failure to penetrate Wed’s low of 1.3267 triggered profit-taking. Price jumped on rally in eur/yen in Europe as well as good demand at Spanish auction n euro rallied to 1.3378 in NY morning n later to 1.3387 b4 easing.
Y’day’s rally strongly suggests the correction fm Mon’s 10-month high of 1.3404 has ended at 1.3257 on Wed n as long as 1.3307/15 (prev. res, now sup) holds, bullishness remains for MT uptrend fm last year’s low of 1.2042 (Jul) to retrace LT intermediate decline fm 1.4940 (May 11’) to resume n abv 1.3404 wud extend gain to 1.3430 (equality projection of 1.2876-1.3308 fm 1.2998) n then twds 1.3486/91 (Feb 29 high n natural 50% r of 1.4940-1.2042 respectively). Look ing ahead, a breach of 1.3486 wud encourage for further headway to 1.3550 n 1.3791 (equality measurement of 1.2042-1.3172 projected fm 1.2661) in Q1.
Today, buying euro on dips is favoured in anticipation of further rise but profit shud be taken as hourly oscillators have already displayed ‘bearish divergences’ n a correction is due later. Below 1.3307 wud risk 1.3257/70.
