eur   DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 13 Oct 2015 23:41GMT

Trend Daily Chart
Sideways

Daily Indicators

Turning up

21 HR EMA
1.1379

55 HR EMA
1.1364

Trend Hourly Chart

Near term up

Hourly Indicators
Bearish divergences

13 HR RSI

54

14 HR DMI
+ve

Daily Analysis
Consolidation b4 marginal rise

Resistance
1.1460 - Sep's high (18)
1.1441 - Sep 17 high
1.1411 - Y'day's 3-week high

Support
1.1344 - Y'day's low
1.1328 - Last Thur's high (now sup)
1.1192 - Last Fri's Asian morning high

. EUR/USD - 1.1384...Although euro fell to 1.1344 at Asian open on selling in eur/yen, renewed buying quickly lifted the pair, active buying of eur/gbp after negative UK CPI sent euro higher to 1.1411 b4 retreating to 1.1355 in NY.

. On the daily picture, although euro's fall fm Aug's 7-month peak at 1.1715 to 1.1087 (Sep low) confirms early medium-term rise fm 2015 12-year bottom at 1.0457 (Mar) has formed a top there, subsequent daily swings inside the 1-month long 1.1087-1.1460 range suggest volatile trading would continue. Having said that, euro's subsequent rally n then gain to 1.1411 on Tue suggests upside bias remains for price to head twd 1.1460 where a daily close abv there would signal aforesaid correction fm 1.1715 has ended, then price would be en route to 1.1531 (70.7% r of 1.1715-1.1087), the pivotal res at 1.1562 (Aug 26 high). On the downside, only below 1.1212 signals top is made n yields 1.1172, 1.1105.

. Today, as said Tue's 3-week peak of 1.1411 was accompanied by 'bearish divergences' on hourly indicators, subsequent decline suggests consolidation is in store b4 prospect of another rise. As long as 1.1328 (prev. res, now sup) holds, gain to 1.1425/30 is expected n only below 1.1392 risks 1.1263/68. 
eur

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