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Research  >  Forex - Technical research
Wednesday,  20 February 2013,  03:42 GMT
AceTrader
AceTrader Research Team
Trendsetter Financial Markets Limited
EUR/USD Daily Technical Outlook: February 20, 2013
DAILY TECHNICAL OUTLOOK ON EUR/USD

Last Update At
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.


Tags: EUR/USD

EUR Spot  
GMT:
06:15
London:
06:15
Tokyo:
14:15
Sydney:
15:15
New York:
01:15 







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