[B]DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At [/B]
19 Feb 2013 00:20GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.3349
55 HR EMA
1.3357
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
45
14 HR DMI
+ve
Daily Analysis
One more fall b4 recovery
Resistance
1.3460 - Hourly chart
1.3427 - Last Wed’s low
1.3394 - Last Fri’s high
Support
1.3306 - Last Fri’s low
1.3282 - 61.8% proj. of 1.3711-1.3326 fm 1.3520
1.3257 - Jan 16 low
EUR/USD - 1.3340… Trading the single currency was a bit tricky y’day as price ‘gyrated’ inside Fri’s 1.3306-94 range. Despite edging lower in Asia to 1.3326 on cross-selling in euro, price staged a minor recovery at European open but only to fall to intra-day low at 1.3322 b4 rebounding to 1.3379.
Although euro’s 3-week low at 1.3306 was accompanied by ‘bullish convergen ces’ on the hourly oscillators, unless price can close abv 1.3394, downside bias remains for early erratic fall fm Feb’s 14-month peak to correct MT uptrend fm 2012 trough at 1.2042 to pressure price twd 1.3282, this is 61.8% proj. of 1.37 11-1.3326 fm measured fm 1.3520, however, loss of momentum shud keep price well abv previous sup rea at 1.3257/64 n risk has increased for a much-needed retrace ment to take place sson. Looking head, as long as 1.3427 holds, aforesaid fall fm 1.3711 wud head twd 1.3186 (50% r of intermediate rise fm 1.2661-1.3711).
Today, euro’s sideways move in lackluster Mon’s session suggests consolida tion is in store initially b4 prospect of one more fall, so selling on recovery is favoured n only abv 1.3427 confirms temp. low is made, risks 1.3460 b4 down.
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