Daily Technical and Trading Outlook -EUR/USD
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Last Update At 20 Apr 2017 00:15GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0714
55 HR EMA
1.0697
Trend Hourly Chart
Up
Hourly Indicators
Turniing down
13 HR RSI
53
14 HR DMI
+ve
Daily Analysis
Consolidation b4 marginal rise
Resistance
1.0829 - Feb high (02)
1.0779 - 61.8% r of 1.0907-1.0571
1.0737 - Y'day's fersh 2-week high
Support
1.0701 - Y'day's low
1.0678 - Last week's high (now sup)
1.0635 - MOn's NY low
. EUR/USD - 1.0715.. Euro spent an uneventful day y'day following Tue's cable-led rally to a 2-week high of 1.0736. Price inched higher to 1.0737 in Europe n later retreated to 1.0701 in NY morning b4 moving narrowly.
. Looking at the daily chart, euro's rise fm Jan's near 14-year bottom of 1.0341 to 1.0829 in Feb signals recent downtrend has made a low there. Despite climbing to a 4-month top of 1.0907 in Mar, subsequent selloff to 1.0571 signals aforesaid rise fm 1.0341 has ended n consolidation is expected in Apr. Having said that, y'day's 'cable-led' rally abv 1.0702 res to 1.0736 suggests choppy consolidation with near term upside bias remains, abv 1.0779 (61.8% r of 1.0907- 1.0571) would bring stronger gain twd 1.0829 (Feb high) but a daily close abv there needed to abort bearish outlook n risk re-test of 1.0907. On the downside, below 1.0604 suggests correction fm 1.0571 over n yield re-test of this lvl.
. Today, despite euro's pullback frm 1.0737 to 1.0701 on Wed, as price is still trading abv the 55-hr ema, bullish bias remains for gain twd 1.0779, however, as hourly indicators would display 'bearish divergences' on next rise, 1.0800 should hold. Only below 1.0678 confirms top is made n risks 1.0635.
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