Daily Technical Outlook & Trading EUR/USD: Apr 15, 2015

  DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 15 Apr 2015 00:26GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.0629

55 HR EMA
1.0620

Trend Hourly Chart
Sideways

Hourly Indicators
Turning down

13 HR RSI
52

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.0730 - Last Thur's European morning low, now res
1.0708 - Y'day's high
1.0674 - Hourly chart

Support
1.0611 - Mon's NY high (now sup)
1.0558 - Y'day's NY low
1.0521 - Mon's low

. EUR/USD - 1.0632.. Despite euro's brief drop to 1.0532 at European open y'day, renewed buying abv Mon's near 1-month low at 1.0521 lifted price n euro jumped in NY morning after U.S. retail sales missed market forecast. Price hit session high of 1.0708 n retreated in NY afternoon.

. On the daily picture, despite euro's choppy sideways move in the 2nd part of Mar following early resumption of recent downtrend to a 12-year trough of 1.0457, last week's continued weakness together with cable tanking to a fresh near 5-year bottom on Fri suggests re-test of 1.0457 wud be seen later this month, a break there wud extend euro's long-term downtrend to next downside obj. at 1.0396, this is 61.8% proj. of intermediate decline fm 1.1534 to 1.0457 measured fm 1.1062. Y'day's strg rebound signals erratic fall fm 1.0162 has formed a temp. low there, however, intra-day renewed weakness at Asian open suggests consolidation with downside bias remains, below 1.0611 wud indicate aforesaid rebound is over n yield weakness twd 1.0521.

. Today, we're selling euro on recovery ahead of ECB policy announcement in anticipation of decline twd 1.0558. Only abv 1.0708 risks gain to 1.0730/40.