WEEKLY EUR/USD TECHNICAL OUTLOOKLast Update At 04 Jan 2016 00:09GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0876
55 HR EMA
1.0902
Trend Hourly Chart
Near term down
Hourly Indicators
Falling
13 HR RSI
32
14 HR DMI
-ve
Daily Analysis
One more fall b4 rebound
Resistance
1.0958 - Previous sup, now res
1.0944 - Last Wed's high
1.0901 - Last Thur's NY high
Support
1.0848 - Last Mon's Euroepan low
1.0802 - Dec 17 low
1.0763 - Nov 19 high (now sup)
. EUR/USD - 1.0849.. Euro swung fm gain to loss last week. Despite extending early upmove fm 1.0802 to 1.0993 last Mon, broad-based selling in euro knocked price to 1.0899 the next day n euro later tumbled to 1.0851 in NY on Thur.
. Let's look at the bigger picture 1st, euro's early retreat fm 1.1060 to 1.0802 signals early upmove fm Dec's 7-1/2 month trough 1.0523 has made a temporary top, despite subsequent strg rise back to 1.0993 at the start of last week, euro's weakness to 1.0851 Thur suggests further volatile trading below 1.1060 would continue, below 1.0802 would bring stronger retracement twd 1.0728 (61.8% r) b4 prospect of another rebound. On the upside, abv 1.0993 would encourage for re-test of 1.1060. In view of above mentioned neutral outlook on euro, we're standing aside initially this week.
. Today, as euro has remained under pressure in thin NY session last Thur after intra-day selloff below 1.0899 sup to 1.0851, suggesting downside bias remains, however, as hourly oscillators' readings would be in oversold territory on next decline, reckon 1.0802 sup would hold on 1st testing n bring rebound. Therefore, strategy is to trade euro on both sides of the market.
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