WEEKLY EUR/USD TECHNICAL OUTLOOKLast Update At 21 Dec 2015 00:01GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0850
55 HR EMA
1.0862
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
60
14 HR DMI
+ve
Daily Analysis
Consolidation b4 marginal fall
Resistance
1.0959 - Last Wed's Euroepan high
1.0905 - Last Tue's low (now res)
1.0888 - Last Wed's low (now res)
Support
1.0802 - Last Thur's low
1.0796 - Last Mon's low
1.0728 - 61.8% r of 1.0523-1.1060
. EUR/USD - 1.0873.. Although euro resumed recent upmove n climbed to a 6-week high of 1.1060 on Tue, price retreated on broad-based long liquidation in euro n fell again to 1.0832 after Fed hike interest rate, then to 1.0802 Thur.
. On the daily chart, despite euro's resumption of upmove fm Dec's fresh 7-1/2 month trough at 1.0523 to retrace the 3-legged MT fall fm 1.1715 to 1.1060 last Tue, subsequent sharp retreat 1.0802 on Thur confirms aforesaid rise has formed a top there n choppy consolidation with downside bias remains for weakness to 1.0792/96 1st, being 50% r n last week's low respectively. A daily close below there would yield further decline twd the 'dynamic' 61.8% r sup at 1.0728 later this week. In view of near term bearish outlook on euro, selling euro on recovery is still favoured but position taker should buy euro on next decline twd 1.0728. On the upside, abv 1.1013 signals correction over, 1.1060 again.
. Today, we're holding a short position in anticipation of one more fall after consolidation, however, as hourly oscillators' readings would display prominent 'bullish convergences' on such a move, 1.0728 should hold n yield strg rebound. A daily close abv 1.0905 signals low is made n would yield 1.0950/60.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
AUD/USD risks a deeper drop in the short term
AUD/USD rapidly left behind Wednesday’s decent advance and resumed its downward trend on the back of the intense buying pressure in the greenback, while mixed results from the domestic labour market report failed to lend support to AUD.
EUR/USD leaves the door open to a decline to 1.0600
A decent comeback in the Greenback lured sellers back into the market, motivating EUR/USD to give away the earlier advance to weekly tops around 1.0690 and shift its attention to a potential revisit of the 1.0600 neighbourhood instead.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Bitcoin price shows strength as IMF attests to spread and intensity of BTC transactions ahead of halving
Bitcoin (BTC) price is borderline strong and weak with the brunt of the weakness being felt by altcoins. Regarding strength, it continues to close above the $60,000 threshold for seven weeks in a row.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.