DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 04 Dec 2015 00:13GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.0815
55 HR EMA
1.0709
Trend Hourly Chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
76
14 HR DMI
+ve
Daily Analysis
Consolidation b4 further rise
Resistance
1.1140 - Oct 23 high
1.1073 - Oct 30 high
1.0981 - Y'day's 1-month high
Support
1.0893 - NY morning high (now sup)
1.0853 - 38.2% r of 1.0646-1.0981
1.0789 - Reaction low fm 1.0893
. EUR/USD - 1.0949... Although euro briefly fell to a fresh 7-1/2 mth low of 1.0523 immediately after ECB's rate cut, price staged a 4.35% rally to 1.0981 in NY after ECB Draghi under-delivered in its stimulus measures (promises).
. Looking at the daily chart, y'day's sharp rally fm 1.0523 to as high as 1.0981 was the biggest one-day gain in 6-1/2 year, this represents a 'key reversal' day for the euro n this suggests the MT 3-legged fall fm 1.1715 (Aug high) has indeed ended there, then the single currency is now en route to next chart obj. at 1.1073 n next retracement obj. at 1.1119 (50% r of 1.1715-1.0523) later this month. Therefore, buying euro on dips after today's U.S. payrolls report is out of way is recommended n only below 1.0789 would defer current bullish scenario on euro, however, reckon sup area at 1.0637/42 would remain intact n bring another leg of upmove later next week.
. Today, euro's intra-day retreat fm 1.0981 suggests range trading below this temporary top is in store with initial downside bias for a much-needed retracement twd 1.0893, however, 1.0789 (reaction low fm 1.0893) should remain intact. Buying euro on dips for 1.1000 n later twd 1.1073 is favoured.
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