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.
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