Daily Technical Outlook & Trading Ideals on EUR/USD: Nov 28, 2014



eur  DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At   28 Nov 2014   00:14GMT

Trend Daily Chart
Down

Daily Indicators
Bullish convergences

21 HR EMA
1.2475

55 HR EMA
1.2477

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
33

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.2575 - Last Fri's high
1.2532 - Wed's high
1.2499 - Y'day's N. American high

Support
1.2444 - Wed's low
1.2402 - Tue's low
1.2357 - Nov 07 26-month low

. EUR/USD - 1.2456 ... Despite euro's brief bounce to 1.2524 in European morning on Thur, offers below Wed's 1.2532 checked intra-day gain n traders sold euro broadly after weak Spanish inflation data. Euro later ratcheted higher back to 1.2499 in quiet N. American session on short covering b4 coming off.

. Looking at the hourly n daily charts, although Wed's brief rally to 1.2532 suggests the decline fm last Wed's high at 1.2602 has indeed formed a low at 1.2360 on Mon n further 'choppy' consolidation abv Nov's 26-month trough at 1.2357 wud continue, y'day's retreat suggests downside bias remains, below 1.2444 sup wud bring subsequent decline twd 1.2402, a daily close below this pivotal sup is needed to confirm the recovery is over n yield resumption of MT downtrend for re-test 1.2357/60, then 1.2311 next week. On the upside, only abv 1.2532 wud extend aforesaid rise twd 1.2568/75 res area, however, as broad outlook remains 'consolidative', daily res at 1.2602 shud cap upside n yield decline later.

. Today, euro's intra-day break of y'day's 1.2466 low suggests the single currency shud remain under pressure n decline to our daily downside target at 1.2415 (our daily position is holding short at 1.2490).
eur

Recommended Content


Recommended Content

Editors’ Picks

GBP/USD rises above 1.3300 after UK Retail Sales data

GBP/USD rises above 1.3300 after UK Retail Sales data

GBP/USD trades with a positive bias for the third straight day on Friday and hovers above the 1.3300 mark in the European morning on Friday. The data from the UK showed that Retail Sales rose at a stronger pace than expected in August, supporting Pound Sterling.

GBP/USD News
USD/JPY keeps BoJ-led losses below 142.50, Ueda's presser eyed

USD/JPY keeps BoJ-led losses below 142.50, Ueda's presser eyed

USD/JPY remains in the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.  

USD/JPY News
Gold consolidates weekly gains, with sight on $2,600 and beyond

Gold consolidates weekly gains, with sight on $2,600 and beyond

Gold price is looking to build on the previous day’s rebound early Friday, consolidating weekly gains amid the overnight weakness in the US Dollar alongside the US Treasury bond yields. Traders now await the speeches from US Federal Reserve monetary policymakers for fresh hints on the central bank’s path forward on interest rates.

Gold News
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures