DAILY TECHNICAL OUTLOOK EUR/USDLast Update At 19 Aug 2014 00:02GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.3371
55 HR EMA
1.3376
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.3485 - July 24 high
1.3433 - Aug 08 high
1.3412 - Last Fri's high
Support
1.3348 - Last Thur's low
1.3333 - Last Wed's fresh near 9-month low
1.3295 - Nov 07 2013 low
. EUR/USD - 1.3360 ... The single currency met renewed selling below 1.3400 level on Monday n later fell to 1.3353 in NY morning due to usd's strength on gain in U.S. homebuilder confidence, however, euro moved narrowly in NY afternoon on lack of follow-through selling.
. Looking at the hourly n daily charts, we've taken the view euro's choppy price action fm Aug's near 9-month trough of 1.3333 is possibly unfolding into a 'bearish triangle' pattern (with a-leg top at 1.3433, b-leg trough at 1.3336 n c-leg top at 1.3416, d-leg trough at 1.3348 n e-leg top has 'possibly' ended at 1.3412 Fri), if this view is correct, then MT fall fm May's 2-1/2 year peak at 1.3995 shud resume later this week n bring weakness to next daily chart object. at 1.3295 n later 1.3237 (61.8% proj. of the intermediate fall fm 1.3650-1.3333 measured fm 1.3433). On the upside, only a breach of 1.3433 wud signal an upside break of 1.3333-1.3433 range has taken place instead, then risk wud shift to upside for a stronger correction twd 1.3491 (50% r of 1.3650-1.3333).
. Today, we're holding early short position for weakness twd 1.3348 1st but 1.3333 wud remain intact. Only abv 1.3433 risks gain to 1.3475 b4 down.
