EUR/USD – Technical Levels and Conditions (3/29)

by Admin

Awards 2013

EUR/USD 1H chart 8:13AM EST 3/29/2013

EURUSD

A break above 1.29 can neutralize the bearish outlook in the very short-term.
R1: 1.2845-1.2850. A support/resistance pivot area that should hold if bears are in control of this market. The 1H RSI should hold under 60 as well.
S1: 1.2790-1.28. This is the central pivot of the current consolidation area. A break below 1.2790 could be a sign of bearish continuation, with at least focus back to the low around 1.2750.
S2: 1.2750. This week’s low. A break below continues a bearish outlook that has room to the next support factors in 1.2660-1.2680 area, which contains the November 2012 low and 61.8% retracement of the 1.2041-1.3710 (July through January rally).

This relief rally does become a bit too aggressive for just a relief it it goes above 1.29, but it will need to push above 1.30 and some projected falling trendlines before a bullish outlook should be introduced.