DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 15 Jan 2016 00:17GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0870
55 HR EMA
1.0868
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.0970 - Mon's high (AUS)
1.0944 - Y'day's high
1.0900 - Tue's high
Support
1.0835 - Y'day's low
1.0803 - Last Fri's low
1.0771 - Last Thur's European low
. EUR/USD - 1.0857.. Euro extended Wed's gain to 1.0897 in Asia n despite a retreat to 1.0854 in Europe y'day, renewed buying emerged n pushed price to 1.0944 b4 coming off to 1.0835 in NY on dovish ECB minutes n rebound in the Dow.
. Looking at the daily chart 1st, euro's early decline fm 1.1060 confirms 1st leg of upmove fm 2015 Dec's 7-1/2 month bottom at 1.0523 has ended there n despite last week's weakness to 1.0711 (Tue), subsequent rally to as high as 1.0970 on Mon strongly suggests said correction is over n a daily close abv 1.0993 res would add credence to this view, re-test 1.1060 n then twd 1.1248 later this month would be seen, being 100% projection of 1.0523-1.1060 measured fm 1.0711. Therefore, trading euro fm long side in anticipation of such a move is favoured. On the downside, only a daily close below 1.0803 sup would dampen current bullish scenario as risk is seen for possible weakness twd 1.0711.
. Today, despite euro's anticipated intra-day gain to 1.0944 on Thur, subsequent stronger-than-expected retreat to 1.0835 suggests further choppy trading below Mon's 1.0970 peak would continue, as long as indicated sup at 1.0803/05 holds, another bounce is likely but abv 1.0944 needed to re-test 1.0970.
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