[B]DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At [/B]
21 Jan 2013 00:05GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
1.3329
55 HR EMA
1.3333
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
43
14 HR DMI
-ve
Daily Analysis
Choppy trading to continue
Resistance
1.3404 - Last Mon’s high
1.3371 - Last Fri’s NY high
1.3335 - Last Fri’s NY res
Support
1.3280 - Last Fri’s NY sup
1.3257 - Thur’s low
1.3201 - 50% r of 1.2998-1.3404
EUR/USD - 1.3319 … The single currency also fluctuated wildly in part due to cross trading in euro versus jpy. Despite rising to a fresh 10-month high of 1.3404 Mon, profit-taking knocked price lower to 1.3257 Wed but renewed buying lifted price to 1.3398 Fri b4 retreating to 1.3280 Fri.
Last Fri’s strg retreat fm 1.3398 to 1.3280 suggests euro is not ready to resume MT uptrend yet n further ‘choppy’ consolidation below aforesaid Mon’s high of 1.3404 wud continue with downside bias for another corrective decline to 1.3257 sup, below wud bring a stronger retracement of MT intermediate rise fm 1.2998 to 1.3201 (being natural 50% r of 1.2998-1.3404), however, renewed buying condition shud emerge abv 1.3140 (confluence of Jan 08 high n 50% r of 1.2876- 1.3404) n yield rebound. Looking ahead, a breach of 1.3404 wud confirm MT uptrend fm 2012 Jul’s low of 1.2042 has once again resumed n extend gain to prev. chart res at 1.3486 (Feb 12’).
Today, selling euro on intra-day recovery is favoured in anticipation of such fall. Only abv 1.3371 wud turn outlook bullish for gain to 1.3404 res.
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