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Technical Analysis: EUR/USD 2012.04.17

April 17, 2012 10:49

  The pair managed to hold above the 1.3000 support and surged back to the 100-Day SMA by 1.3120. Breaking above the 100-Day SMA would allow testing the 50-Day SMA by 1.3210, with a daily close above to open a door for reaching the 1.3485 resistance. Only a clear break and consolidation below the 1.3000 support would confirm the bearish bias and accelerate declines towards the 1.2625 low.    

Edward Smith, technical analyst of company Admiral Markets.

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