DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 02 Mar 2016 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.0872
55 HR EMA
1.0899
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
50
14 HR DMI
-ve
Daily Analysis
Marginal fall b4 correction
Resistance
1.0963 - Mon's high
1.0912 - Last Fri's low (now res)
1.0894 - Y'day's high
Support
1.0834 - Y'day's 1-month low
1.0810 - Jan 29 low
1.0776 - Jan 21 low
. EUR/USD - 1.0873.. Despite staging a recovery to 1.0894 ahead of European open Tue, euro met renewed selling n fell below Mon's 1.0859 low to a 1-mth low of 1.0834 after upbeat U.S. data n dovish comments by ECB's Draghi.
. Let's look at daily picture 1st, despite resumption of MT rise fm 2015 Dec's 7-1/2 month trough at 1.0523 to 1.1377 in Feb, subsequent sharp retreat confirms aforesaid upmove has formed a top there n consolidation with downside bias remains for further weakness to 1.0810 (Jan 29 low), a weekly close below there would bode ill for the single currency to head lower twd pivotal sup at 1.0711 (Jan's low) in mid-Mar. As daily technical indicators are falling with the macd now cutting below the 'zero line', selling euro on recovery in anticipation of fall to aforementioned targets is recommended and only abv res at 1.1138/39 would signal temporary low made n risk stronger gain twd 1.1193.
. Today, euro's selloff to a fresh near 1-month low of 1.0834 y'day suggests decline fm 1.1377 (Feb) wud pressure price twd 1.0810 after consolidation, however, 'bullish converging' signals on hourly oscillators should keep price abv 1.0776. Abv 1.0912 signals temporary low is made n yields 1.0958/63 later.
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