DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 26 Feb 2016 00:07GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.1024
55 HR EMA
1.1025
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1139 - Last Fri's high
1.1067 - Last Fri's low, now res
1.1052 - Tue's high
Support
1.0987 - Y'day's low
1.0957 - Wed's fresh near 3-week low
1.0904 - Feb 03 low
. EUR/USD - 1.1022.. Euro moved in a choppy fashion on Thu. Although price ratcheted higher to 1.1045 in European morning, the pair briefly fell to 1.0987 after upbeat U.S. data in NY morning b4 climbing to session highs of 1.1050.
. On the daily chart, despite euro's early rally to a 3-1/2 month peak of 1.1377 in Feb, subsequent breach of 1.1060 (Dec's top) to 1.0957 Wed confirms medium-term upmove fm 2015 Dec's 7-1/2 month bottom at 1.0523 has formed a top there n consolidation with downside bias remains for weakness to 1.0950, being a 'natural' 50% r of 1.0523 to 1.1377, break there there would pressure price to 1.0904 (Feb 03 low) then 1.0849 (61.8% r) later. On the upside, only abv 1.1139 (last Fri's high) would confirm a temporary low has been made n would yield stronger gain twds 1.1193 but 1.1217 (61.8% r of 1.1377-1.0957) should hold.
. Today, Wed's low at 1.0957 was accompanied by prominent 'bullish convergences' on the hourly indicators n the chart pattern on the hourly chart is deve loping into an 'inverted' head-and-shoulder formation, abv trendline res at 1.1052/50 would add credence to this view, then price should head to measured obj. at 1.1145. Only below 1.0987 may risk re-test of 1.0957, then 1.0920/30 b4 up.
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