WEEKLY EUR/USD TECHNICAL OUTLOOKLast Update At 25 Jan 2016 00:02GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0815
55 HR EMA
1.0844
Trend Hourly Chart
Near term down
Hourly Indicators
Falling
13 HR RSI
33
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.0985 - Jan 15 Fri
1.0921 - Last Thur's high
1.0863 - Last Fri's European high
Support
1.0776 - Last Thur's low
1.0711 - Jan's low (05)
1.0680 - 70.7% r of 1.0523-1.1060
. EUR/USD - 1.0791.. Although euro ratcheted higher initially last week to 1.0976, price retreated after failure to re-test previous 1.0985 res. The pair later tanked briefly to 1.0776 after dovish comments by ECB President Draghi.
. Looking at the bigger picture 1st, euro's decline fm 1.1060 (2015 Dec) to 1.0711 at the start of Dec confirms 1st leg of upmove fm 2015 Dec's 7-1/2 month bottom at 1.0523 has ended there, despite subsequent strg rise back up to 1.0985 Fri, subsequent daily swings seen last week n then selloff below 1.0859 sup to 1.0776 suggests choppy trading below 1.0985 would continue, a daily close below 1.0776 would shift risk to the downside for weakness twd 1.0711 where a break there would pressure price twd 1.0626 (80.9% r fm 1.0523-1.0985) n possibly, re-test of 1.0523 in Feb. Only abv 1.0985/93 res area would revive previous bullish prospect of gain twd 1.1060.
. Today, as euro has remained under pressure due to broad-based rally in global stocks on Fri triggered by a 10%+ rebound in crude oil price, a break of last week's post-ECB meeting low at 1.0776 would yield weakness twd 1.0711. Only abv 1.0863 would prolong choppy trading n bring another bounce twd 1.0901.
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