Daily technical and trading outlook – EUR/USD
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Last Update At 07 Apr 2021 00:16GMT
Trend daily chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.1847
55 HR EMA
1.1816
Trend hourly chart
Up
Hourly Indicators
Easing fm o/bot
13 HR RSI
72
14 HR DMI
+ve
Daily analysis
Consolidation with upside bias
Resistance
1.1990 - Mar 11 high
1.1947 - Mar 22 high
1.1883 - Mar 16 low (now res)
Support
1.1821 - Tue's Asian high (now sup)
1.1786 - Last Fri's high (now sup)
1.1771 - Mon's Asian high (now sup)
EUR/USD - 1.1871.. Although euro swung broadly sideways initially y'day after retreat fm Asian 1.1821 high to 1.1796 in Europe, price extended recent erratic rise on renewed USD's weakness n hit session highs of 1.1877 in NY.
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, subsequent decline to a near 3-year 1.0637 low in Mar 2020 signals correction has ended. Although euro's impressive upmove to a near 33-month peak of 1.2349 in early Jan 2021 suggests a re-test of 1.2555 may be seen, euro's break of Jan's 1.2055 low to 1.19 53 in early Feb due to broad-based usd's strength signals top is made n fall to 1.1705 last week would bring retrace. of said MT rise twd 1.1695 (38.2% r of 1.0637-1.2349), then twd 1.1603. On the upside, only a weekly close abv 1.1883 would be 1st signal temp. low is made n risk gain twd 1.1947, break, 1.1990.
Today, euro's rally abv Mon's 1.1819 high o a 2-week top of 1.1877 suggests MT fall fm 2021 peak at 1.2349 has made a temp. low at last Wed's 4-1/2 month trough at 1.1705 n gain to 1.1925 is envisaged, o/bot readings on hourly oscillators should cap euro below 1.1947. Below 1.1819/21 signals top, 1.1786/96
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