EUR/USD’s Supports And Resistances
February 24, 2013 in Chart Alert
1) EUR/USD near the 38.2% retracement of it’s upward move from 1.2042 to 1.3711. A move towards this i.e. 1.3065/1.3073 can not be ignored.
EUR/USD weekly chart
2) The Resistance had come below 50% retracement of the previous fall from 1.4940 to 1.2042. Please also note that the current price action is at 38.2% retrament of the same move. This previous resistance may act as support for some time.
Another weekly chart of EUR/USD
3) 200-day moving average support and the support levels of December 2012 are in the same zone. The current 200-day moving average is at 1.2988. The lowest point of the sideways moves during December was 1/2997.
EUR/USD chart with 200-day moving average
The expected resistance is near 1.3325. Here the combined resistances of 3 forces will come into picture and those are as follows:
1) 55-day EMA.
2) The previous support during February 15th to February 20th’s sideways move. This support should act as resistance now.
3) EUR/USD has recently broken below the support trend line which had been in place for 14 weeks. That support trend line should now act as resistance.