[B]DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At [/B]
24 Jan 2013 00:03GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
1.3316
55 HR EMA
1.3319
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
47
14 HR DMI
0
Daily Analysis
‘Choppy’ trading to continue
Resistance
1.3404 - Last Mon’s high
1.3372 - Tue’s res
1.3355 - Y’day’s high
Support
1.3264 - Y’day’s low
1.3257 - Thur’s low
1.3201 - 50% r of 1.2998-1.3404
EUR/USD - 1.3306 … The single currency went through a ‘roller-coaster’ session again y’day as despite rebounding fm 1.3286 to 1.3355 on the strength in cable, euro nose-dived to 1.3264 in NY morning in thin trading condition as IMF lowered global growth forecast b4 staging a rebound to 1.3324 near NY close.
Y’day’s ‘volatile’ movements suggests further ‘gyrations’ inside recent established broad range of 1.3257-1.3404 is likely to continue, however, as long as said lower lvl holds, choppy consolidation with upside bias remains for another rebound to 1.3355/72 res area is still likely but a firm break there is needed to confirm the correction fm last Mon’s 10-month high of 1.3404 has indeed ended at 1.3257 n yield resumption of MT uptrend fm 2012 Jul’s low of 1.2042 to said res, abv wud extend gain to 1.3430 (equality projection of 1.2876- 1.3308 fm 1.2998) n then twds chart res at 1.3486 (Feb 12’).
Today, we are cautiously buying euro again on dips with stop below 1.3257 sup, as break wud risk stronger retracement to 1.3220 n possibly twds 1.3201 (50% r of 1.2998-1.3404) but price shud hold abv dynamic 1.3153 sup (61.8% r).
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