DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 24 Feb 2015 23:59GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
1.1332
55 HR EMA
1.1341
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
53
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1499 - 05 Feb high
1.1450 - Last Thur's high
1.1393 - Mon's high
Support
1.1270 - Feb low (09)
1.1224 - Jan 24 low
1.1151 - Hourly sup
. EUR/USD - 1.1339... The greenback traded sideways in Asia y'day n weakened to 1.1297 in European morning, then briefly lower to session low at 1.1289 in NY morning. Euro swiftly rose to session high at 1.1359 on dlr's broad -based weakness after Fed chief Yellen's dovish comments b4 moving sideways.
. Y'day's price action suggests euro wud remain confined inside the 2-week long range of 1.1534-1.1270. On the bigger picture, euro's early 3-legged rise fm Jan's 11-year trough at 1.1098 to 1.1534 confirms recent downtrend has made a temp. low there n despite fall to 1.1270, subsequent rebound suggests choppy trading abv 1.1098 wud continue this week. A daily close abv 1.1450 wud bring another rise twd 1.1534 n only a break there wud yield correction to 1.1676/80, this is 50% r of MT intermediate fall fm 1.2254 to 1.1098 n daily res respectively. A daily close below 1.1270 wud suggest said correction is over n bring a retest of 1.1098, then twd 'psychological' obj. at 1.1000 in Mar.
. Today, we are holding a long position entered y'day for gain to 1.1400 later with a stop below 1.1270, below wud yield stronger weakness twds 1.1224 b4 prospect of a recovery later this week.
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