Daily technical and trading outlook – EUR/USD
|
Last Update At 16 Sep 2020 00:29GMT
Trend Daily Chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
1.1856
55 HR EMA
1.1857
Trend Hourly Chart
Sideways
Hourly Indicators
Getting o/sold
13 HR RSI
32
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.1965 - Aug's (18)
1.1917 - Last week's high (Thur)
1.1900 - Tue's high
Support
1.1811 - Reaction low fm last Thur's 1.1917
1.1782 - Sep 04 low
1.1754 - Seps low (09)
EUR/USD - 1.1833.. Euro swung wildly in hectic Tue's session. Despite meeting buying at 1.1860 in Asia n climbed to 1.1899 in Europe, then 1.1900 in NY morning, price tumbled as usd caught a bid n knocked euro to 1.1840.
On the bigger picture, despite euro's LT upmove fm 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018, price tumbled to a near 3-year 1.0637 low on broad-based usd's strength. Having said that, euro's rally this month due to risk-on trade n then break of Mar's 1.1494 high signals said decline has ended n would head twd 1.2093, 'bearish divergences' on daily indicators would cap price below 1.2229 (1.168 times exten. of 1.0767-1.1422 fm 1.1169) n yield correction. Euro's sharp decline fm Tue's fresh 2-year peak at 1.2011 suggests MT upmove has made a temp. top n would head twd 1.1755 but only a weekly close below 1.1712 aborts bullishness n risks 1.1690, then 1.1590/00.
Today, as last Thur's selloff fm 1.1917 to 1.1811 signals recovery fm last Wed's near 4-week trough at 1.1754 has ended there n y'day's sharp retreat fm 1.1900 has retained bearishness for 1.1790/00. However, as hourly oscillators would be in o/sold territory, reckon sup 1.1754 would hold on 1st testing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.