DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 02 Jul 2015 23:53GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.1084
55 HR EMA
1.1097
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
51
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1244 - Tue's high
1.1171 - Wed's high
1.1122 - Y'day's high
Support
1.1051 - Y'day's NY low
1.1032 - Y'day's low
1.1085 - Hourly chart
. EUR/USD - 1.1086... Despite extending erratic fall fm this week's 1.1279 high (Mon) to 1.1032 ahead of Asia open Thur, euro ratcheted higher n briefly jumped fm 1.1051 to 1.1122 in NY after tepid U.S. jobs data b4 moving narrowly.
. Looking at the daily chart, euro's 3-legged decline fm Jun's 1.1440 high to 1.0955 on Mon signals further volatile trading below May's 3-month peak at 1.14467 wud continue n the aforesaid rally fm 1.0955 to 1.1279 on the same day suggests the price action fm May's 1.1467 peak is possibly unfolding into a 'triangle' (a-leg bottom at Jun's low at 1.0819, b-leg top at 1.0440 n Mon's low at 1.0955 being the c-leg terminus). As expected, the U.S. payrolls proved to a non-event n euro gyrate inside the indicated 1.1440-1.0955 range as market focus is on the looming Greek referendum on Jul 5. On the upside, a breach of 1.1279 res wud add credence the abv triangle scenario n yield subsequent headway twd 1.1387. A daily close below 1.1032 may risk weakness twd 1.0955 where a break there wud yield decline twd key sup at 1.0819 (May low).
. Today, another day of sideways move is in store as traders are keeping their powder dry, so buying euro on dips or selling on further rise is favoured.
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