DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 20 Apr 2016 00:15GMT
Trend Daily Chart
Up
Daily Indicators
Turning down
21 HR EMA
1.1351
55 HR EMA
1.1329
Trend Hourly Chart
Near term up
Hourly Indicators
Easing fm overbought
13 HR RSI
60
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1465 - Last week's fresh 5-1/2 month high (Tue)
1.1438 - Apr 01 high
1.1382 - Y'day's high
Support
1.1303 - Y'day's low
1.1274 - Mon's low
1.1234 - Last week's low (Thur)
. EUR/USD - 1.1362... Although euro traded with a soft bias initially on Tue n fell to 1.1303 at Asian open, price rose to 1.1345 after upbeat German ZEW sentiment n then rallied in NY on soft U.S. housing data to as high as 1.1385.
. Looking at the bigger picture, despite euro's retreat fm last week's 5- 1/2 month high of 1.1465 to 1.1234 (Thur), subsequent rebound n then y'day's rally to 1.1385 signals aforesaid pullback is possibly over n choppy consolida- tion with upside bias is seen, abv 1.1438/48 would bring re-test of 1.1465, a break there would extend MT upmove fm 2015 Dec trough at 1.0523 to next key chart obj. at 1.1495 (Oct 2015 high), then 1.1556, being 50% proj. of 1.0821- 1.1465 measured fm 1.1234, however, reckon 1.1632 (61.8% proj.) would cap upside . Failure to penetrate 1.1465 n break of 1.1234 would bring stronger correction of indicated MT rise fm 1.0523 to 1.1144 n then twd 1.1105 (38.2% r fm 1.0523).
. Today, in view of abv analysis, buying euro on intra-day pullback in anticipation of another upmove twds 1.1438 is recommended but hourly indicators would display prominent 'bearishness divergence' on such a move n 1.1465 would cap upside today, yield retreat. Below 1.1272 defers but 1.1234 would hold._20160420080308.png)
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