Daily Technical Outlook & Trading EUR/USD: May 21, 2015

   DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 21 May 2015 00:08GMT

Trend Daily Chart
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Daily Indicators
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21 HR EMA
1.1112

55 HR EMA
1.1172

Trend Hourly Chart
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Hourly Indicators
Bullish convergences

13 HR RSI
-ve

14 HR DMI
45

Daily Analysis
Consolidation b4 one more fall

Resistance
1.1265 - 50% r of 1.1467-1.10628
1.1217 - Tue's hourly res
1.1145 - Y'day's hourly res

Support
1.1062 - Y'day's low n Mar 18 high, now sup
1.1027 - 1.618 times ext. of 1.0167-1.1285 fm 1.1321
1.0994 - 50% r of 1.0457-1.1467

. EUR/USD - 1.1103.. The single currency met renewed selling at 1.1154 in Asian morning on Wed n then tumbled to 1.1062 in European morning, however, short-covering lifted price to 1.1145. Despite brief jump to 1.1142 after the release of FOMC minutes, euro fell to 1.1070 n then rebounded to 1.1142 again.

. On the bigger picture, although euro's early rally abv 1.1062 res (now sup) to as high as 1.1467 last Fri confirms the long-term downtrend fm 1.6040(2008 peak) has formed a low at Mar's 12-year trough at 1.0457, this week's sharp selloff below 1.1202 sup to as low as 1.1062 suggests aforesaid rise fm 1.0457 has formed a top there n consolidation with downside bias remains for a a strg retracement of this move. A daily close below 1.1062 wud turn outlook bearish for further losses to 1.0962 n later twd 1.0843, being 50% r & 61.8% r respectively of the upmove fm 1.0457 in Jun. On the upside, only a rise back abv 1.1321/26 res wud abort abv bearish scenario on the euro.

. Today, euro's volatile moves in post-FOMC minutes NY session suggests further choppy trading abv 1.1062 low wud continue n only abv 1.1160 wud risk stronger retracement to 1.1212/17. Below 1.1062 yields one more fall to 1.1020/27.