DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 29 Jul 2016 00:05GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.1076
55 HR EMA
1.1057
Trend Hourly Chart
Near term up
Hourly Indicators
Turning down
13 HR RSI
57
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
1.1090 - Reaction high fm 1.0912
1.1165 - Jul 14 high
1.1120 - Y'day's high
Support
1.1030 - Tue's high (now sup)
1.1008 - Wed's NY morning high (now sup)
1.0978 - Tue's low
EUR/USD - 1.1083... Euro continued its Wed's post-FOMC rally in Asia on Thur n European traders bot the pair in late reaction to Fed's unchanged rate decision. Price rose to 1.1120 b4 retreating to 1.1068 in NY afternoon.
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Looking at the daily chart, despite euro's break of 1.0971 sup last week to a 1-month low of 1.0952 on Mon, Tue's rebound to 1.1030 n then rally fm Wed's post-FOMC low at 1.0961 to 1.1120 y'day suggests further volatile trading abv 1.0912 trough (Jun's post-Brexit 3-month low) would continue n stronger gain to 1.1149 n 1.1165 would be seen, however, reckon 1.1190 res (reaction high fm 1.0912) should cap upside n yield another fall. On the downside, below 1.0952 needed to revive bearish prospect of a re-test of 1.0912 where a break there would confirm early fall fm 1.1617 (May) to retrace MT rise fm 1.0523 (Dec 2015) has resumed n head to 1.0821 but 1.0711 (2016 low in Jan) should remain intact.
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Today, despite euro's intra-day retreat after a brief rise to 1.1120, as current price is still trading abv 21-hour n 55-hour emas, suggesting consolidation with upside bias remains, so buying euro on dips in anticipation of further gain twd 1.1165 res is recommended. Only below 1.1030 suggests top, 1.0978/83.
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