Last Update At 22 Nov 2015 23:31GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.0668
55 HR EMA
1.0682
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
31
14 HR DMI
-ve
Daily Analysis
One more fall b4 correction
Resistance
1.0763 - Last Thur's high
1.0728 - Hourly chaer
1.0708 - Hourly chart
Support
1.0617 - Last Wed's low
1.0584 - 61.8% proj. of 1.1073-1.0674 fm 1.0831
1.0521 - Apr's (13) low
. EUR/USD - 1.0636..Euro continued its recent descent n tumbled to a 7-mth low of 1.0617 after FOMC minutes b4 staging a ferocious short-covering rally to 1.0763 Thur but only to fall on ECB Draghi's dovish comments to 1.0640 on Fri.
. On the bigger picture, euro's resumption of decline fm 1.1715 (Aug)to a 7-month bottom at 1.0617 last Wed confirms correction fm 2015 12-year bottom at 1.0457 has ended at earlier n current falling daily technical indicators suggest price would head to next target at 1.0584, being 61.8% projection of the intermediate fall fm 1.1073-1.0674 measured fm 1.0831. Having said that, as the hourly indicators would display prominent 'bullish convergences' on such move, 1.0521 (Apr low) should remain intact on 1st testing. On the upside, only abv 1.0831 (reaction high fm 1.0674) would dampen current bearish scenario on euro n would risk stronger correction to 1.0880/90 b4 prospect of another fall in Dec.
. Today, Fri's selloff n intra-day weakness to 1.0636 signals said correction fm 1.0617 has ended n weakness to 1.0600 is expected, however, prominent 'bullish convergences' on the hourly oscillators readings should prevent steep fall below projected sup at 1.0584 n reckon 1.0550/60 should hold fm here.
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