DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 22 Oct 2015 00:13GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.1346
55 HR EMA
1.1350
Trend Hourly Chart
Down
Hourly Indicators
Neutral
13 HR RSI
46
14 HR DMI
+ve
Daily Analysis
Choppy trading with downside bias
Resistance
1.1425 - Last Thur's Euroepan morning low (now res)
1.1395 - Last Fri's high
1.1387 - Tue's high
Support
1.1306 - Mon's low
1.1291 - 50% r of 1.1087-1.1495
1.1243 - 61.8% r of 1.1087-1.1495
. EUR/USD - 1.1343...Euro moved without a direction on Wed. Price rebounded to 1.1368 at Asian open b4 retreating to 1.1344 n then climbed to session high of 1.1378 in Europe n fell to 1.1334. Price then traded narrowly in NY session.
. Looking at the daily picture, euro's reversal fm last Thur's 6-week peak of 1.1495 signals recent erratic upmove fm Sep's 1.1087 trough has formed a top there n consolidation with downside bias is seen in coming days for euro to head to 1.1291 n then 1.1243, being 50% r & 61.8% r respectively of the aforesaid rise fm 1.1087. Therefore, trading the single currency fm short side in anticipation of weakness to indicated downside targets is favoured. A daily close below 1.1243 would signal top is in place n yield further weakness to 1.1105/35 sup area in later next week. On the upside, abv 1.1495 would revive previous bullish scenario for gain to 1.1595 n then re-test of 1.1715 in Nov.
. Today, although further range trading abv Mon's 1.1306 low is envisaged ahead of ECB rate decision n ECB's Draghi's press conference. As long as 1.1387 res holds, bearishness remains for euro's decline to resume to 1.1280/90. Only a daily close abv 1.1387 may risk stronger gain to 1.1425/35.
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