DAILY TECHNICAL OUTLOOK EUR/USD
Last Update At 19 Aug 2014 00:02GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.3371
55 HR EMA
1.3376
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.3485 - July 24 high
1.3433 - Aug 08 high
1.3412 - Last Fri's high
Support
1.3348 - Last Thur's low
1.3333 - Last Wed's fresh near 9-month low
1.3295 - Nov 07 2013 low
. EUR/USD - 1.3360 ... The single currency met renewed selling below 1.3400 level on Monday n later fell to 1.3353 in NY morning due to usd's strength on gain in U.S. homebuilder confidence, however, euro moved narrowly in NY afternoon on lack of follow-through selling.
. Looking at the hourly n daily charts, we've taken the view euro's choppy price action fm Aug's near 9-month trough of 1.3333 is possibly unfolding into a 'bearish triangle' pattern (with a-leg top at 1.3433, b-leg trough at 1.3336 n c-leg top at 1.3416, d-leg trough at 1.3348 n e-leg top has 'possibly' ended at 1.3412 Fri), if this view is correct, then MT fall fm May's 2-1/2 year peak at 1.3995 shud resume later this week n bring weakness to next daily chart object. at 1.3295 n later 1.3237 (61.8% proj. of the intermediate fall fm 1.3650-1.3333 measured fm 1.3433). On the upside, only a breach of 1.3433 wud signal an upside break of 1.3333-1.3433 range has taken place instead, then risk wud shift to upside for a stronger correction twd 1.3491 (50% r of 1.3650-1.3333).
. Today, we're holding early short position for weakness twd 1.3348 1st but 1.3333 wud remain intact. Only abv 1.3433 risks gain to 1.3475 b4 down.
Recommended Content
Editors’ Picks
EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.