Technical Analysis: EUR/USD 2012.03.29

March 29, 2012 11:21

  The pair is still consolidating by 1.3300, so in a short-term we look for a bullish resumption towards the 1.3485 resistance. Breaking above this level would allow reaching the 200-Day SMA by 1.3600. The nearest support is eyed by the 1.3170-1.3200 area, right where the 100-Day SMA and the 50-Day SMA reside. Only a clear break and consolidation below this area could trigger a setback towards 1.3000, with a break below to confirm the bearish bias and accelerate declines ahead of the 1.2625 low.    

Edward Smith, technical analyst of company Admiral Markets.

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