DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 31 May 2016 00:34GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.1170
55 HR EMA
1.1143
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
64
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.1243 - Last week's high (Mon)
1.1217 - Last Thur's high
1.1169 - Prev. hourly sup (now res)
Support
1.1098 - Y'day' fresh 2-month low
1.1070 - 50% r of 1.0523-1.1617
1.1058 - May 16 low
. EUR/USD - 1.1149.. Although euro fell briefly below last Fri's 1.1110 low to 1.1098 initially in Asia y'day due to intra-day rally in dlr/yen, short covering quickly lifted the pair n price rebounded to 1.1146 in Nr. America.
. On the daily chart, euro's resumption of decline fm May's 8-month peak at 1.1617 to retrace the MT uptrend fm 2015 bottom at 1.0523 (Dec) to a fresh 2- month trough of 1.1098 y'day suggests initial weakness to 1.1070 would be forth- coming next, this is a 'natural' 50% r of aforesaid rise fm 1.0523-1.1617, then later twd 1.0941 (61.8% r). Having said that, as hourly oscillators' readings would display 'bullish convergences' on such decline, reckon 1.0821 (Mar low) would remain intact. On the upside, abv 1.1243 any time would signal a temporary low is made n risk stronger retracement twd 1.1349.
. Today, as intra-day retreat in dlr/yen has led to broad-based usd's weak ness n has also lifted euro, suggesting choppy trading abv y'day's fresh 2-month trough at 1.1098 would continue n 1.1159/69 area (prev. sup, now res) needs to hold to retain bearish prospect of one more fall, below 1.1123/28 would yield subsequent fall twd next daily sup 1.1058. Abv 1.1169 may risk 1.1200, 1.1217.
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