DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 28 Nov 2014 00:14GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.2475
55 HR EMA
1.2477
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
33
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.2575 - Last Fri's high
1.2532 - Wed's high
1.2499 - Y'day's N. American high
Support
1.2444 - Wed's low
1.2402 - Tue's low
1.2357 - Nov 07 26-month low
. EUR/USD - 1.2456 ... Despite euro's brief bounce to 1.2524 in European morning on Thur, offers below Wed's 1.2532 checked intra-day gain n traders sold euro broadly after weak Spanish inflation data. Euro later ratcheted higher back to 1.2499 in quiet N. American session on short covering b4 coming off.
. Looking at the hourly n daily charts, although Wed's brief rally to 1.2532 suggests the decline fm last Wed's high at 1.2602 has indeed formed a low at 1.2360 on Mon n further 'choppy' consolidation abv Nov's 26-month trough at 1.2357 wud continue, y'day's retreat suggests downside bias remains, below 1.2444 sup wud bring subsequent decline twd 1.2402, a daily close below this pivotal sup is needed to confirm the recovery is over n yield resumption of MT downtrend for re-test 1.2357/60, then 1.2311 next week. On the upside, only abv 1.2532 wud extend aforesaid rise twd 1.2568/75 res area, however, as broad outlook remains 'consolidative', daily res at 1.2602 shud cap upside n yield decline later.
. Today, euro's intra-day break of y'day's 1.2466 low suggests the single currency shud remain under pressure n decline to our daily downside target at 1.2415 (our daily position is holding short at 1.2490).
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