DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 18 Mar 2016 00:02GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.1288
55 HR EMA
1.1221
Trend Hourly Chart
Up
Hourly Indicators
Easing fm overbot
13 HR RSI
69
14 HR DMI
+ve
Daily Analysis
Resumption of recent upmove
Resistance
1.1415 - 100% proj. of 1.1206-1.1343 fm 1.1278
1.1377 - Feb's 3-1/2 month high (11th)
1.1343 - Y'day's 1-month high
Support
1.1278 - Y'day's NY morning sup
1.1244 - Wed's high, now sup
1.1206 - Y'day's low
. EUR/USD - 1.1315... Despite initial narrow move in Asia y'day following Wed's rally to 1.1244, broad-based usd's weakness sent euro sharply higher in European morning, price rallied to 1.1343 b4 moving sideways in NY session.
. On the daily chart, despite euro's brief breach of previous Feb's 1.0826 low to 1.0821 last Thur, intra-day rally to 1.1218 on ECB Draghi's 'no rate cut' remark confirms early fall fm Feb's 3-1/2 month peak to retrace the MT rise fm 2015 Dec's 7-1/2 month bottom at 1.0523 has ended n Wed's break of 1.1218 has justified our recent bullish stance for a re-test of 1.1377 after consolidation, abv there would encourage for further headway twd next chart obj. at 1.1495 next week. On the downside, Only below 1.1206 (y'day's low) would dampen bullishness on euro n may risk stronger retracement twd 1.1100 but 1.1058 should hold.
. Today, euro's rally to 1.1343 y'day suggests re-test of 1.1377 would be forthcoming soon, however, as hourly oscillators' would display minor 'bearish divergences' on next rise, reckon 1.1415 may hold on 1st testing. On the downside, only below 1.1244 (previous res, now sup) would signal temporary high is in place n may risk stronger retracement twd 1.1206 b4 upmove resumes next week.
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