Daily technical and trading outlook – EUR/USD
|Daily EUR/USD technical outlook
Last Update At 23 Jun 2022 00:04GMT.
Trend daily chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0552
55 HR EMA
1.0537
Trend hourly chart
Near term up
Hourly Indicators
Easing fm o/bot
13 HR RSI
58
14 HR DMI
+ve
Daily analysis
Consolidation b4 one more rise
Resistance
1.0661 - 70.7% r of 1.0786-1.0360
1.0642 - Jun 10 top
1.0605 - Wed's high
Support
1.0545 - Mon's N. American low
1.0511 - Wed's NY low
1.0470 - Wed's low
EUR/USD - 1.0564... Although euro remained on the back foot initially on Wednesday n fell from 1.0538 (AUS) to 1.0470 in early European trading, price regained traction on usd's weakness n later rallied to as high as 1.0605 in New York morning.
On the bigger picture, despite euro's Long Term upmove from 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018, decline to a near 3-year 1.0637 low (March 2020) signals correction has ended. Although euro staged a rally to a near 33-month 1.2349 peak in early Jan 2021, subsequent selloff to 1.1705 (Mar) signals top is made. Euro's break of 1.1705 n then firm breach below 2020 bottom at 1.0637 in Apr to a 5-year bottom of 1.0350 in mid-May would re- test 2017 1.0341 low (Jan), 'bullish convergences' on daily indicators would keep price abv psychological parity handle. Last Fri's weakness to 1.0507 signals cor- rection over n would head back towardsd 1.0350. Only abv 1.0612 risks 1.0700/10.
Today, euro's rally fm 1.0470 n then brief break abv last week's 1.0601 top to 1.0605 suggests nr term rise fm Jun's 1-month 1.0360 trough to retrace fall fm 1.0786 (May high) may head back to 1.0642, as hourly oscillators' read- ings would be in o/bot territory, 1.0661 would hold. Below 1.0511, 1.0470.
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