Daily technical and trading outlook – EUR/USD
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Last Update At 02 Jun 2021 00:40GMT
Trend daily chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
1.2224
55 HR EMA
1.2218
Trend hourly chart
Sideways
Hourly Indicators
Falling
13 HR RSI
49
14 HR DMI
0
Daily analysis
Consolidation with downside bias
Resistance
1.2290 - 50% proj. of 1.1705-1.2182 fm 1.2052
1.2266 - Last Tue's fresh 4-1/2 month high
1.2254 - Tue's high
Support
1.2204 - Last Fri's high (now sup)
1.2184 - Mon's low
1.2133 - Last week's low (Fri)
EUR/USD - 1.2223.. Although euro swung in choppy fashion in Asia n European morning y'day n then briefly climbed to session highs of 1.2254 in NY, the pair fell to 1.2212 near NY close due to broad-based USD's rebound.
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. Despite an impressive upmove to a near 33-month 1.2349 peak in early Jan 2021, subsequent decline to 1.1705 (Mar) signals top is made. Having said that, euro's break of Apr's 1.2149 top to 1.2266 last Tue suggests pullback fm 1.2349 has ended n gain twd 1.2349 will be seen in Jun b4 correction. On the downside, below 1.2052 sup anytime indicates upmove fm 1.1705 is over n revives bearishness for a strong retracement of said move to 1.1987, then later twd 1.1868/73.
Today, euro's early strg rise fm 1.2133 (Fri) to 1.2254 y'day suggests pullback fm May's 1.2266 peak has ended, however, subsequent retreat signals choppy sideways swings would continue n present falling hourly indicators may pressure price to 1.2184, break, 1.2133. Abv 1.2254 risks 1.2266, 1.2285/90.
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