EUR/USD Daily Technical Outlook: February 26, 2013

www.investing.com/analysis/eur-usd-daily-technical-outlook:-february-26,-2013-156710

By AceTrader | Feb 26, 2013 03:14AM ET

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EUR/USD

-0.11%

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MAR

0.00%

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NWSA

+0.43%

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DAILY TECHNICAL OUTLOOK ON EUR/USD

Last Update At
26 Feb 2013 00:21GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.3151

55 HR EMA
1.3192

Trend Hourly Chart
Down

Hourly Indicators
Falling

13 HR RSI
36

14 HR DMI
-ve

Daily Analysis
Consoldiation before decline resumes

Resistance
1.3232 - Yesterday's NZ high
1.3182 - Yesterday's Asian low
1.3145 - Last Fri's low

Support
1.3047 - Yesterday's low
1.2998 - Jan 04 low
1.2933 - 1.236 ext. of 1.3711-1.3306 from 1.3434

EUR/USD - 1.3064... The single currency went through a 'roller-coaster' session yesterday. Despite initial cross-induced rebound to 1.3232 in NZ, price dipped to 1.3182 in Asia before rallying on broad-based short covering to 1.3319. News of undecided Italian election results sent price 'tanking' to 1.3047 in NY.

As indicated in yesterday's outlook, our bearish view is for euro to at least retracing the MT rise from 2012 trough at 1.2042 (Jan), since price has fallen to the 'minimum' 38.2% r (1.2042-1.3711) objective yesterday and with the daily technical indicators still pointing hard down, further decline to 1.2998 ('natural' 50% r) is on the cards. Looking ahead, euro is en route toward 1.2661 chart obj. in Mar, so selling the single currency is the way to go for position takers.

Today, as euro has stabilised in Australian trading after yesterday's sharp drop, initial consolidation is in store in Asia. However, reckon 1.3100/10 would cap recovery and yield another fall toward 1.2998 but 1.2933 should remain intact. On the upside, only a daily close above 1.2145 confirms temporary low is in place and risks would shift to upside for a stronger correction to 1.3195/00.

EUR Spot

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EUR/USD Daily Technical Outlook: February 26, 2013

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