DAILY EUR/USD TECHNICAL OUTLOOKLast Update at 03 Jun 2015 00:12GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.1092
55 HR EMA
1.1022
Trend Hourly Chart
Near term up
Hourly Indicators
Easing fm o/bot
13 HR RSI
73
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.1290 - May 01 high
1.1208 - May 22 high
1.1195 - Y'day's high
Support
1.1113 - Reaction low fm 1.1195
1.1062 - May 20 low (May 18 high)
1.1006 - Last Fri's high, now sup
. EUR/USD - 1.1149.. Despite euro's initial sideways trading in Asia on Tue, the single currency ratcheted higher to 1.1056 in European morning after EZ returned to inflation. Price then jumped in early NY trading to 1.1195 as market optimism over a Greek debt deal triggered broad-based buying in the euro.
. Looking at the daily picture, although we have taken a view euro's sharp fall fm May's 1.1467 high to 1.0819 last week signals early correction fm Mar's 12-year trough at 1.0457 has ended there, y'day's rally back to 1.1195 suggests 1st leg of decline has ended gain to 1.1208/1.1219 may be seen, being daily res n 'dynamic' 61.8% r of aforesaid fall fm 1.1467-1.0819 respectively, only a daily close abv there wud yield further headway to 1.1290/00, however, as long as 1.1392 res holds, prospect of another leg of decline still remains. On the downside, below 1.1006 (prev. res, now sup) any time wud confirm corrective rise fm 1.0819 is over, then euro wud re-test this nr term key sup later.
. Today, euro's sideways move in NY afternoon session below 1.1195 suggests Asian traders wud respect said res but as long as reaction low at 1.1113 holds, upside bias remains, below 1.1113 may risk 1.1062 but 1.1006 shud hold.
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