DAIILY EUR/USD TECHNICAL OUTLOOKLast Update At 04 Mar 2015 23:53GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.1108
55 HR EMA
1.1148
Trend Hourly Chart
Bullish convergences
Hourly Indicators
31
13 HR RSI
Down
14 HR DMI
-ve
Daily Analysis
Resumption of LT downtrend
Resistance
1.1270 - 09 Feb low (now res)
1.1155 - Tue's low (now res)
1.1215 - Y'day's European low (now res)
Support
1.1061 - Y'day's fresh 11-yr low
1.1000 - Psychological sup
1.0956 - 50% proj. of 1.2254-1.1098 fm 1.1534
. EUR/USD - 1.1183... The single currency remained under pressure in Asia on Wed n fell sharply to 1.1115 in European morning after release of poor German n EZ services PMI. Later, euro then tumbled to a fresh 11-year trough at 1.1061 after penetrating Jan's 1.1098 low in NY morning b4 moving narrowly.
. Looking at the hourly n daily charts, y'day's breach of Jan's trough at 1.1098 to a fresh 11-year low at 1.1062 suggests LT downtrend fm 2008 record high at 1.6040 has resumed n further weakness twd 'psychological' lvl at 1.1000 is on the cards, a daily close below wud extend marginally, however, as hourly n daily indicators have displayed bullish convergences, steep decline below there is unlikely to be seen n reckon 1.0956, being 50% projection of intermediate fall fm 1.2254-1.1098 measured fm 1.1534, shud remain intact n yield a long-over due correction next week. On the upside, a daily close abv 1.1155 wud be the 1st signal temporary low has been made n yield retrace. twd 1.1241/45.
. Today, euro is expected to remain under pressure ahead of ECB press conference where President Draghi will announce details of QE launch. Selling on recovery is the way to go n only abv 1.1155 wud signal a temp. low is in place.
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