DAILY EUR/USD TECHNICAL OUTLOOK Last Update At 17 Nov 2015 00:07GMT
Trend Daily Chart
Down
Daily Indicators
Rising fm o/s
21 HR EMA
1.0705
55 HR EMA
1.0727
Trend Hourly Chart
Down
Hourly Indicators
Falling
13 HR RSI
28
14 HR DMI
-ve
Daily Analysis
Consoldiation b4 another fall
Resistance
1.0808 - Last Fri's European high
1.0758 - Y'day's European high
1.0724 - Hourly chart
Support
1.0674 - Last Tue's n Mon's 6-1/2 month low
1.0660 - Apr 21 low
1.0625 - Apr 16 low
. EUR/USD - 1.0685...Euro opened lower on Mon n fell to 1.0687 in Aust. due to broad-based usd & yen buying following Fri's Paris attacks. However, euro rebounded to 1.0758 in Europe but only to ratchet lower to 1.0674 in NY session.
. Let's look at the bigger picture, euro's resumption of recent decline to a 6-month trough at 1.0674 last Tue 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 would head to next minor daily sup at 1.0625, however, reckon 1.0583, being 80.9% projection of the intermediate fall fm 1.1495-1.0896 measured fm 1.1073 would hold. On the upside, only abv last week's 1.0831 (reaction high fm 1.0674) would dampen current bearish scenario n would risk stronger correction to 1.0880/90 b4 prospect of a resumption of aforesaid downtrend.
. Today, euro's re-test of last Tue's 1.0674 low suggests recent downtrend would resume after minor consolidation n yield weakness to our daily target at 1.0660, however, as hourly indicators's reading would displayed 'bullish covergences' on next fall, reckon minor daily sup at 1.0625 would hold. We're trading euro fm short side for this move n only abv 1.0758 risks gain to 1.0775/85.
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