[B]DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At [/B]
28 Feb 2013 00:17GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.3111
55 HR EMA
1.3111
Trend Hourly Chart
Down
Hourly Indicators
Rising
13 HR RSI
65
14 HR DMI
+ve
Daily Analysis
Marginal rise b4 retreat
Resistance
1.3246 - Last Fri’s high
1.3197 - Hourly chart
1.3177 - 38.2% r of 1.3414-1.3018
Support
1.3067 - Y’day’s NY low
1.3018 - Tue’s low
1.2998 - Jan 04 low
EUR/USD - 1.3112… Although short-term specs sold euro in Asia on bearish remarks on Italy fm Moody’s, price fell to 1.3041 b4 rebounding on short covering, euro re-tested Tue’s 1.3123 high in Europe after Italy sold all its bonds n improved euro area sentiment data b4 rising again to 1.3148 in NY.
Euro’s intra-day brief rise abv 1.3148 to 1.3162 at Asian open suggests recent erratic fall fm Feb’s 14-month peak at 1.3711 has formed a temporary low earlier at 1.3018 (Tue) n as long as 1.3123 holds, marginal gain can’t be ruled out but 1.3197 (prev. res) shud cap upside n yield another strg retreat, below 1.3100 wud signal correction fm 1.3018 over n yield weakness twd 1.3067. Looking ahead, euro’s breach of last week’s 1.3145 low Mon signals aforesaid decline fm 1.3711 has resumed to correct the MT rise fm 2012 low at 1.2042 (Jan) n weakness to daily chart obj. at 1.2998 is seen, then later twd 1.2878 (50% r fm 1.2042).
Today, we have entered a short position on intra-day rise n below 1.3100 wud indicate correction fm 1.3018 over. On the upside, only abv 1.3097 wud risk stronger retracement twd 1.3246 but ‘pivotal’ res at 1.3319 shud remain intact.
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