DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 11 Nov 2015 00:01GMT
Trend Daily Chart
Down
Daily Indicators
Oversold
21 HR EMA
1.1024
55 HR EMA
1.0752
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
55
14 HR DMI
+ve
Daily Analysis
Initial rise b4 retreat
Resistance
1.0834 - Last Thur's low
1.0790 - Y'day's high
1.0764 - Y'day's high
Support
1.0674 - Y'day's 6-1/2 month low
1.0660 - Apr 21 low
1.0625 - Apr 16 low
. EUR/USD - 1.0737... Despite initial sideways move in Asia Tue, euro came under selling pressure on continued fall in EZ gov't bond yields, price penetrated Fri's 1.0705 low to a 6-1/2 month trough of 1.0674 in NY b4 recovering.
. On the bigger picture, y'day's resumption of recent decline to 1.0674 confirms correction fm 2015 12-year bottom at 1.0457 has ended at earlier 1.1715(Aug) n current falling daily technical indicators suggest price should remain under pressure n head to next minor daily sup at 1.0625 after consolidation,then 1.0583, being 80.9% projection of the intermediate fall fm 1.1495-1.0896 measured fm 1.1073. Having said that, as hourly oscillators' readings would display 'bullish convergences' on such move, reckon 1.0521 (Apr's low) would hold this week. On the upside, only abv 1.0896 confirms temporary low is made n risks stronger retracement twd 1.1073.
. Today, as y'day's low at 1.0674 was accompanied by prominent 'bullish convergences' on the hourly oscillators, subsequent rebound suggests a temp. bottom has been made n 1-2 days of consolidation is in store with upside bias but reckon res at 1.0790 would hold n yield another fall.
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