DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At
29 Jan 2013 00:17GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
1.3451
55 HR EMA
1.3430
Trend Hourly Chart
Up
Hourly Indicators
Turning down
13 HR RSI
48
14 HR DMI
-ve
Daily Analysis
Consolidation b4 ‘marginal’ rise
Resistance
1.3550 - Dec 02 201 high
1.3500 - Psychological n option barrier
1.3480 - Last Fri’s high
Support
1.3425 - Y’day’s low
1.3404 - Jan 14 high
1.3349 - Last Fri’s low
EUR/USD - 1.3451… Although euro cross gained at Mon open esp vs yen with the cross pair rising to a fresh 21-month peak of 122.91, euro remained flat vs the dlr in Asia n then fell to 1.3425 in European morning on broad-based profit taking after Fri’s resumption of MT upmove to a near 11-month high at 1.3480.
Y’day’s move inside a narrow 1.2425-78 range suggests initial consolidation wud continue in Asia n as long as aforesaid reaction low at 1.3425 holds, outlook remains mildly bullish for euro’s MT uptrend fm 2012 low at 1.2042 (Jul) to re-test chart obj. at 1.3486 (2012 peak), however, as hourly oscillators wud display prominent ‘bearish divergences’ on next rise, the much-publicised option barrier at 1.3500 may be a tough nut to crack n risk has increased for a correction to occur later. On the upside, abv 1.3500 wud encourage for gain to next daily obj. at 1.3550, then twd 1.3645 (100% proj. of 1.2661-1.3308 fm 1.2998).
Today, we’re holding a long position in anticipation of marginal headway twd 1.3500 n only a daily close below 1.3404 confirms temp. top is made, then nr term outlook wud turn ‘bearish’ for retracement to 1.3349 n possibly twd 1.3257.
