TECHNICAL ANALYSIS EUR/USD
FX
From the technical side, EURUSD broke an important support line on the 1.3174 price level and opened a route for a further price devaluation on the medium- term perspective. Next support barrier on the way is seen right below the fractal level at 1.2660 (S1). If the pair manages to overcome it, most likely we will see further instrument depreciation towards to next target at 1.2290 (S2) price level. However local low, formed on the July 2012 might put psychological pressure to the bearish oriented traders and occasionally increase likelihood of the price consolidation around this level. Further EUR currency decline below this level would suggest final target to be in focus at 1.1870 (S3) mark on the medium-term perspective.
On the other hand, it cannot be excluded possibility of the upwards penetration. Loss of the resistive barrier at 1.3170 (R1) might bring additional stimulus for the bullish market participants. In such case 200 Simple moving averages on the daily chart frame could be considered as dynamic support line. Local maximum formed on the February 2012 at 1.3490 (R2) acts as next interim target. Clearance here is required to establish positive bias formation towards to final medium-term target at 1.3830 (R3).
Resistance levels: 1.3170, 1.3490, 1.3830 Supports Levels: 1.2660, 1.2290, 1.1870
FX TRADER MAGAZINE April - June 2013 85
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