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EUR/USD’s Supports And Resistances

February 24, 2013 1:04 am GMT+0  in Chart Alert

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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

EUR/USD - recent upward gain and the 38 percent retracement

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

EUR/USD finding support neat 38 percent retracement

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

EUR/USD -200 day moving average and earlier support

EUR/USD resistance trend line Expected Resistance for EUR/USD

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.

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