EURUSD Technical Analysis – WC 11th February 2013 – FX Price Action Update
- The EURUSD pair has seen a steep decline, on significant and sustained pressure, from 1.3647 to 1.3351 on the weekly basis. This 296 pip weekly range was 130% of the average over 26 weeks and culminated in a drop of 2.11% for the euro/dollar. The pair is now trading down 1.57% for February.
- When referencing the hour 4 chart (fig 2) we note that price has edged down to an area coinciding with the 50% retrace, FE100 and H4 200 SMA.
- Any corrective move to the upside has the following levels as a focus:
- The 1.3400 area has previously seen resistance and is an initial technical point of interest.
- 1.3428 is a minor price pivot and marks the high from Thursday as well as a previous h1 support level.
- 1.3457 is the daily low from Tuesday.
- The 1.3500 handle, psychological round number area.
- Any continuation of the move lower would need to contend with the following areas:
- The aforementioned confluence zone of 50% retrace, FE100 and H4 200 SMA around 1.3326 – 1.3350.
- The clearly defined price pivot area around 1.3285.
- Any sustained downside would have us monitoring the 1.3150 area support/resistance flip.
EURUSD – D1 – Fig 1
EURUSD – H4 – Fig 2
EURUSD Outlook, Forecast, Technical Analysis, Forex Price Action, 11/2/13