DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 22 Jul 2014 00:03GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.3524
55 HR EMA
1.3527
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
48
14 HR DMI
-ve
Daily Analysis
Consolidation b4 marginal fall
Resistance
1.3650 - Last Thur's high
1.3589 - Last Thur's low
1.3549 - Y'day's high
Support
1.3492 - Last Fri's 5-month low
1.3477 - 2014 low (Feb 03)
1.3454 - 50% proj. of 1.3995 to 1.3503 fm 1.3700
. EUR/USD - 1.3523... Euro extended recovery fm last Fri's fresh 5-month trough of 1.3491 to 1.3549 on Mon after triggering stops abv 1.3540 in Asia, how ever, offers at 1.3550/60 capped intra-day gain n selling emerged at European open due to weakness in European shares n price dropped to 1.3513 in NY morning.
. Looking at the daily chart, despite euro's rebound fm 1.3491 to 1.3549, last week's breach of Jun's low at 1.3503 confirms the MT downtrend fm May's 2-1/2 year peak at 1.3995 has once again resumed n weakness to next daily chart obj. at 1.3477 (2014 low) wud be forthcoming soon this week n later twds 1.3454 (this is 50% proj. of 1.3995-1.3503 measured fm 1.3700), however, as the hourly indicators have already displayed 'bullish convergences', reckon 1.3396/99 (61.8% projection of 1.3991.3995-1.3503 n daily sup respectively) wud hold on 1st testing. On the upside, only a daily close abv 1.3589 (prev. sup, now res) wud be the 1st signal temporary low is in place, then stronger correction to 1.3640/50 wud be seen but res at 1.3700 shud remain intact.
. Today, we're holding a short position in anticipation of marginal fall with stop now abv 1.3549 res, break may risk retracement twd 1.3589.
. Today, we're holding a short position in anticipation of marginal fall with stop now abv 1.3549 res, break may risk retracement twd 1.3589.
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