Daily Technical Outlook & Trading EUR/USD : May 6, 2015



eur  DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 06 May 2015   00:16GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
1.1169

55 HR EMA
1.1162

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis
Consolidation with mild upside bias

Resistance
1.1316 - 2 times extension of 1.0521-1.0849 fm 1.0660
1.1290 - Last Fri's high
1.1222 - Y'day's high

Support
1.1149 - Y'day's hourly res, now sup
1.1118 - Y'day's hourly sup
1.1065 - Y'day's low

. EUR/USD - 1.1183.. The single currency met renewed selling at 1.1147 at European opening y'day n briefly tanked to 1.1066. However, euro rebounded on short-covering n later rallied to 1.1223 in NY after release of ballooning U.S. trade deficit n also renewed optimism about reaching a Greek deal next Mon.

. Looking at the bigger picture, euro's last week rally abv key 1.1062 res (previous reaction high fm 1.0457) signals a 'double bottom' formation at 1.0457 (2015 12-year trough in Mar) n the low at 1.0521 (Apr). As daily indicators are rising with macd crossing abv the zero line, price is en route to next chart obj. at 1.1534 (Feb peak) later this month, however, as the daily oscillators' readings would be in o/bot territory on such move, reckon 1.1667, being 100% projection of 1.0457-1.1062 measured fm 1.1062 would cap upside n yield decline. Y'day's rally fm 1.1066 to as high as 1.1222 suggests erratic fall fm last Fri's high at 1.1290 has made a low there n 1-2 days of 'choppy' consolidation with upside bias wud be seen but 1.1290 res wud hold on 1st testing.

. Today, expect consolidation after intra-day retreat fm 1.1223, buying dlr again on dips but abv 1.1223/24 needed to extend to 1.1267/70.
eur

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