[B]DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At [/B]
22 Jan 2013 23:46GMT
[B]Trend Daily Chart [/B]
Up
[B]Daily Indicators [/B]
Bearish divergences
[B]21 HR EMA [/B]
1.3320
[B]55 HR EMA [/B]
1.3322
[B]Trend Hourly Chart [/B]
Sideways
[B]Hourly Indicators [/B]
Neutral
[B]13 HR RSI [/B]
50
[B]14 HR DMI [/B]
0
[B]Daily Analysis [/B]
Choppy trading to continue
[B]Resistance [/B]
1.3430 - Equality proj. of 1.2876-1.3308 fm 1.2998
1.3404 - Last Mon’s high
1.3372 - Y’day’s res
[B]Support [/B]
1.3267 - Y’day’s low
1.3257 - Thur’s low
1.3201 - 50% r of 1.2998-1.3404
[B]EUR/USD[/B] - 1.3313 … The single currency fluctuated wildly y’day as despite cross-inspired rise to 1.3372 after BOJ’s rate decision, euro nose-dived to 1.3267 on rumors of ECB’s Weidmann resignation but rebounded strongly to 1.3367 after Bundesbank dismissed the talk n then fell to 1.3278 again.
Despite y’day’s ‘volatile’ movements, current price action fm last Mon’s 10-month high of 1.3404 is possibly developing into a ‘triangle’ which is labelled as a:1.3404-1.3257; b:1.3398, c:1.3267 n d:1.3367 n e:1.3278, suggesting as long as 1.3257 sup holds, upside bias remains for prospect of gain twd 1.3398 res, abv wud confirm MT uptrend fm 2012 Jul’s low of 1.2042 has resumed n yield re-test of said top, abv wud extend gain to 1.3430, being equality proj. of 1.2876-1.3308 measured fm 1.2998. On the downside, a breach of 1.3257 wud signal a strg retrace. of intermediate rise fm 1.2998 has taken place n bring weakness to 1.3201 (50% r of 1.2998-1.3404) but 1.3140 wud hold.
In view of the abv analysis, we are holding long position in anticipation of such rise, abv 1.3398 any time wud confirm MT uptrend has resumed, 1.3430.