Last Update At20 December 2012 23:36GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
1.3241
55 HR EMA
1.3230
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
51
14 HR DMI
-ve
Daily Analysis
Choppy trading to continue
Resistance
1.3385 - Mar 27 high
1.3342 - Eq. proj. of 1.2661-1.3127 from 1.2876
1.3308 - Wednesday's high
Support
1.3214 - Yesterday's NY support
1.3187 - Yesterday's low (Aust.)
1.3145 - Monday's low
- EUR/USD - 1.3243 ... The euro went through a "roller-coaster" session yesterday, despite the initial drop to 1.3187 in Aust., price ratcheted higher and rallied to 1.3295 on renewed risk appetite due to the release of better-than-expected U.S. GDP. The euro then retreated strongly to 1.3214 at New York midday before rebounding.
- Yesterday's "volatile" movement suggests "choppy" consolidation below Wed's 8-1/2 month high of 1.3308 would continue with neutral bias. As long as 1.3295/08 res area holds, another retreat to 1.3187 is still likely but price should hold well above 1.3143/45 (minimum 38.2% r of 1.2876-1.3308 n Mon's low respectively) n yield resumption of uptrend from this year's 1.2042 low (July) to 1.3308. Looking ahead, a breach of 1.3308 resistance would encourage for further gain to previous daily resistance at 1.3385 (March) n then 1.3486 (February) later this month or in January 2013.
- Today, selling on intra-day recovery is recommended for prospect of another retreat to 1.3205 n possibly towards yesterday's low of 1.3187, however, renewed buying shud emerge well abv indicated level at 1.3143/45, therefore, position traders should look to buy euro on subsequent weakness.