DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 28 Oct 2015 00:15GMT
Trend Daily Chart
Down
Daily Indicators
Fallng
21 HR EMA
1.1045
55 HR EMA
1.1061
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
41
14 HR DMI
-ve
Daily Analysis
One more fall b4 correction
Resistance
1.1140 - Last Fri's high
1.1123 - 38.2% r of 1.1326-1.0997
1.1079 - Y'day's high
Support
1.1004 - Mon's NY low
1.0989 - Mon's fresh 2-month low (Reuters)
1.0938 - 61.8% r of 1.0457-1.1715
. EUR/USD - 1.1031... Euro moved in erratic fashion in directionless Tue's session ahead of Wed's FOMC anouncement. Price climbed to 1.1072 in Europe b4 easing to 1.1036. Euro then rose to 1.1079 in NY but only to retreat to 1.1030.
. Looking at the daily picture, despite euro's erratic rise fm Sep's 1.1087 trough to 1.1495 in mid-Oct, last Fri's firm breach of this key sup n daily close below there bodes ill for the single currency in the coming weeks as this move signals early fall fm Aug's 7-month peak at 1.1715 has finally resumed. The next downside obj. are pointing at 1.0938, then 1.0808, being 61.8% r of medium-term rise fm 2015 12-year bottom at 1.0457 (Mar) to 1.1715 n Jul's low respectively. Therefore selling euro on recovery is the way to go as 1.1200 is expected to hold yield subsequent fall to indicated targets n only abv 1.1306 (previous sup, now res) would abort current very bearish outlook on euro.
. Today, as long as said y'day's 1.1079 high holds, one more fall to 1.0960/70 may be seen, however, as hourly technical indicators would display prominent 'bullish convergences' on such move, 1.0938 should hold n bring correction. Abv 1.10789 would bring stronger retracement twd 1.1100/10 b4 another fall.
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