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Technical Analysis Outlook 3.12.13


I will continue to respect the downtrend off of the February 1 and February 13 highs, though remain open to a bullish outcome: a Falling Wedge (reversal pattern).” Resistance is at 1.3040/50 (8-EMA), 1.3080/100, and 1.3140/50 (21-EMA). Support comes in at 1.2950/70 and 1.2870/85. Note: an Inside Day is forming today after an Inside Day yesterday; clearly, indecision exists here.


--- Written by Christopher Vecchio, Currency Analyst