EURUSD Technical Analysis Update

February 6th, 2013
in contributors, syndication, forex

EURUSD Technical Analysis – FX Price Action Update – 04 February 2013

by Nick Simpson, Forex-FX-4X

  • Euro / dollar has seen an increase of 1.30% on the weekly basis on a continuation of the prevailing bullish trend.
  • Price closed the week just above the 1.3600 handle after moving as high as 1.3710 on Friday.  The nearby 1.3586 – 93 zone marks the prior resistance range highs from Wednesday/Thursday last week and is now viewed as potential near term support.
  • Any sustained downside has the 1.3500 round number area as a focus.  There was little in the way of resistance when price hit this key technical level but it may see an element of support.

Follow up:

  • A key potential support area is located around 1.3390 – should there be a significant corrective dip going forward; the D1 chart below shows a clear box consolidation range, with 1.3390 acting as prior resistance.
  • The euro has broadly outperformed its currency major counterparts as EURGBP experienced the biggest daily basis gain in around three-years on Friday; the euro actually rallied as much as 1.9% higher versus sterling and closed out the week around 0.8687 after hitting 0.8715 during earlier trading on Friday.
  • The USDX (dollar index) hit the lowest level since mid September on Friday, before paring back much of the intra-day losses and closing above key near term 79.00 area support.  Any sustained downside has us watching the USDX 78.60 area prior support lows as this provided significant support from April to September 2012.

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