DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 28 Jul 2014 23:56GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.3437
55 HR EMA
1.3444
Trend Hourly Chart
Down
Hourly Indicators
Neutral
13 HR RSI
51
14 HR DMI
-ve
Daily Analysis
Consolidation b4 marginal fall
Resistance
1.3549 - Last Mon's high
1.3513 Last Mon's low
1.3485 - Last Thur's high
Support
1.3421 - Last Fri's 8-month low
1.3399 - 2013 Nov 21 low
1.3370 - 50% r of 1.2745-1.395
. EUR/USD - 1.3438... The single currency finally gained respite in Mon's trading after falling for 5 consecutive days last week to a fresh 8-month trough of 1.3421 Fri, however, renewed selling at 1.3444 in NY checked intra-day gain n euro moved narrowly in subdued NY afternoon session.
. Looking at the hourly & daily charts, euro's resumption of MT downtrend fm 2014 2-1/2 year peak at 1.3995 (May) to 1.3421 shud pressure price to 1.3370, this is a 'natural' 50% r of intermediate rise fm 2013 bottom at 1.2745-1.3995. Going forward, a daily close below 1.3370 wud send euro lower twd next daily chart obj. at 1.3295 (Nov 2013 low), current falling daily indicators lend credence to this bearish scenario. On the upside, failure to test 1.3370 target n a daily close abv 1.3549 (last week's high) wud confirm aforesaid downtrend at 1.3995 has finally made a temp. low n risk stronger correction of this decline.
. Today, although Mon's sideways move shud bring further consolidation in Asia, as long as 1.3458 (last Thur's NY low) holds, recent downtrend shud resume to 1.3396/99, as prominent 'bullish convergences' wud appear on hourly indicators on such move, 1.3370/80 shud hold. Abv 1.3485 confirms low made, 1.3513.
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