[B]DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At [/B]
20 Feb 2013 00:39GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.3374
55 HR EMA
1.3364
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
74
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.3520 - Last Wed’s high
1.3460 - Hourly chart
1.3427 - Last Wed’s low
Support
1.3356 - Hourly chart
1.3306 - Last Fri’s low
1.3257 - Jan 16 low
EUR/USD - 1.3423 … Monday’s lackluster session (U.S. market was closed for President’s Day holiday) had a spillover effect on the euro y’day, price moved sideways inside said previous day’s 1.3322-79 range in Asia n Europe but later jumped to 1.3396 in NY afternoon on broad-based rise in U.S. stocks.
Euro’s intra-day firm breach of 1.3394/96 to 1.3420 at Asian open today after tripping stops abv 1.3400 confirms MT decline fm Feb’s 14-month peak at 1.3711 has indeed formed a temporary low last Fri at 1.3306 n current rising hourly technical indicators suggest consolidation with upside bias remains for a correction of aforesaid fall, a ‘minimum’ 38.2% r of this move wud push the single currency to 1.3461, however, as daily indicators are turning down, reckon 1.3508 (50% r) wud cap upside, this lvl is just below daily res at 1.3520. Therefore, in view of abv analysis, one can buy euro on dips in anticipation of further corrective upmove to indicated upside target, position players can sell on rally for another retreat but below 1.3322/29 is needed to signal decline has once again resumed n yield weakness twd sup area at 1.3257/64 later this month.
.png)