DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 17 Dec 2014 02:24GMT
Trend Daily Chart
Sideways
Daily Indicators
Bullish convergences
21 HR EMA
1.2498
55 HR EMA
1.2472
Trend Hourly Chart
Nr term up
Hourly Indicators
Turning down
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.2643 - 61.8% r of intermediate fall of 1.2888-1.2247
1.2602 - Nov 19 high
1.2570 - Y'day's high
Support
1.2478 - Y'day's NY sup
1.2446 - 38.2% r of 1.2247-1.2569
1.2415 - Mon's low
. EUR/USD - 1.2507... Euro rallied vs the dlr on Tue as upbeat eco. data (PMIs n ZEW) fm Germany n EU boosted demand for the singly ccy. Price ratcheted higher fm Australian low at 1.2434 to a fresh near 1-month peak at 1.2570 b4 retreating to 1.2478 in NY on renewed broad-based strength in usd.
. Looking at the hourly n daily charts, y'day's rally abv last Thur's high of 1.2495 confirms MT downtrend fm May's 2-1/2 year peak at 1.3995 has indeed formed a temporary low at last Mon's 27-month trough at 1.2247 n price will be en route to the chart obj. at 1.2602 (Nov's high) n later twd 1.2643, this is the 'dynamic' 61.8% r of intermediate fall of 1.2888-1.2247, however, as hourly oscillators wud be o/bot territory on such a move, 1.2677 (1.23 times extension of 1.2247-1.2495 measured fm 1.2370) wud limit upside n yield retreat later.
. Today, despite the intra-day retreat fm 1.2570 to 1.2478, reckon 1.2446(confluence of 38.2% r of 1.2247-1.2569 n 61.8% r of 1.2417-1.2569) wud contain pullback n yield another upmove, therefore, buying euro on dips is recommended. On the downside, only a daily close below 1.2415 (Mon's low) signals aforesaid correction has ended n yield weakness to 1.2370 (last Fri's low), break, 1.2344.
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