[B]DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At [/B]
14 Feb 2013 00:51GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.3452
55 HR EMA
1.3442
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
46
14 HR DMI
+ve
Daily Analysis
Consolidation b4 down
Resistance
1.3577 - Last Thur’s high
1.3520 - Y’day’s high
1.3475 - Tue’s high
Support
1.3410 -Tue’s NY low
1.3364 - Tue’s low
1.3326 - Mon’s EBS low (NZ)
EUR/USD - 1.3448 … Although euro ratcheted higher in Europe y’day n climbed abv previous day’s 1.3475 top to 1.3520 on renewed broad-based cross-buying of euro, price later tanked in NY to 1.3427 due to renewed market worry after Portugal’s jobless rate rose to the highest since joining the euro zone.
The single currency’s retreat fm 1.3520 (just one tick abv the 50% r of 1.3711-1.3326) suggests erratic rise fm Mon’s low at 1.3326 (NZ) has ended n a daily close below 1.3410 wud add credence to this view, yield re-test of 1.3326. Looking ahead, euro’s selloff fm Feb’s 14-month peak at 1.3711 signals MT upmove fm 2012 trough at 1.2042 (Jul) has made a top there n a correction of the intermediate rise fm 1.2661 to 1.3310, then 1.3186 is envisaged, being 38.2% n 50% retracements respectively of this move.
Today, we are holding a short position entered at 1.3500 in anticipation of initial weakness twd 1.3410, a break there needed to retain bearish prospect of further decline to 1.3364. On the upside, only abv 1.3520 wud shift risk to upside for stronger gain twd 1.3564 (61.8% r fm 1.3711) b4 another decline.
