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    AceTraderFX is offline Senior Member
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    Smile *** AceTrader 27 May 2013 : WEEKLY TECHNICAL OUTLOOK ON EUR/USD ***

    flag_eur.gif WEEKLY TECHNICAL OUTLOOK ON EUR/USD
    27 May 2013 00:20GMT


    Trend Daily Chart
    Sideways

    Daily Indicators
    Falling

    21 HR EMA
    1.2933

    55 HR EMA
    1.2919

    Trend Hourly Chart
    Sideways

    Hourly Indicators
    Turning down

    13 HR RSI
    53

    14 HR DMI
    +ve

    Daily Analysis
    Initial recovery b4 down

    Resistance
    1.3085 - May 09 hourly sup
    1.3030 - May 14 high
    1.2998 - Wed's high

    Support
    1.2911 - Fri's low
    1.2821 - Thur's low
    1.2796 - May 17 5-week low.

    EUR/USD - 1.2938 ... Euro went through several 'roller-coaster' sessions last week. The single currency rebounded strongly to 1.2998 on Wed b4 retreating swiftly to 1.2834 on hawkish Fed minutes. Price extended to 1.2821 on Thur b4 rebounding strongly to 1.2957. Euro rose to 1.2994 Fri n then dropped to 1.2911.

    . As mentioned earlier, the price action fm 1.2796 (May 17 5-week low) is possibly developing into a 'triangle' with a-leg:1.2796-1.2998; b-leg:1.2821 n c-leg has possibly ended at 1.2994 last Fri, suggesting as long as strg res area at 1.2994/98 holds, consolidation with downside bias remains for another drop to 1.2904/11 sup area (Fri's Asian n NY low respectively), below wud bring further weakness to 1.2887 (61.8% r of 1.2821-1.2994), however, breach of 1.2821 sup
    (Thur's low) needed to signal a downside break of 1.2796-1.2998 range has occured n yield resumption of decline fm this month's high of 1.3243 for re-test of said sup n then twds Apr's 4-1/2 month low at 1.2745 later.
    . Today, selling euro on recovery in anticipation of another drop is still favoured with stop abv 1.2998, break wud risk stronger retrace. to 1.3030/33.

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