DAILY TECHNICAL OUTLOOK ON EUR/USD
12 Mar 2013 23:43GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.302655
HR EMA
1.3026
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
50
14 HR DMI
+ve
Daily Analysis
Consolidation with downside bias
Resistance
1.3135 - Last Fri’s high
1.3090 - 100% proj. of 1.2955-1.3054 fm 1.2991
1.3075 - Y’day’s high
Support
1.2980 - Y’day’s low (Aust.)
1.2955 - Last Fri’s low
1.2876 - Dec 07 2012 low
. EUR/USD - 1.3026… Trading was tricky y’day due to euro’s roller-coaster moves in Asian, European n NY sessions ! Although the single currency came under renewed selling pressure in Asia n weakened to 1.2991 in Europe, broad-based short-covering in euro sent price higher to 1.3075 in NY b4 falling to 1.3015.
. Although euro’s aforesaid brief rebound to 1.3075 suggests further volatile trading abv last Fri’s 2-1/2 month low at 1.2955 wud continue n breach of near term sup area at 1.2880/91 is needed to signal MT downtrend fm 1.3711 (Feb) has resumed n pressure the single currency twd next daily downside chart obj. at 1.2876 (Dec 2012 low), this is also a ‘natural’ 50% r of the MT rise fm 2012 low of 1.2042 to 1.3711, current ‘falling’ daily technical indicators lend credence to our bearish scenario. Having said that, unless 1.2880/91 sup area is penetrated, euro may continue to ‘gyrate’ inside this week’s range n abv 1.3075 may
risk stronger gain to 1.3090/00 but res at 1.3135 shud remain intact.
. Today, expect initial sideways move b4 prospect of another fall, so selling on recovery is favoured with stop abv said y’day’s NY high at 1.3075.
