Daily technical and trading outlook – EUR/USD
|Daily EUR/USD technical outlook
Last Update At 06 Oct 2022 00:02GMT.
Trend daily chart
Down
Daily indicators
Rising fm o/s.
21 HR EMA
0.9903
55 HR EMA
0.9893
Trend hourly chart
Sideways
Hourly indicators
Rising fm o/s.
13 HR RSI
49
14 HR DMI
-ve
Daily analysis
Consolidation with downside bias.
Resistance
0.9999 - Tue's near 2-week high.
0.9960 - Wed's Asian low (now res).
0.9936 - 61.8% r of 0.9999-0.9835.
Support
0.9835 - Wed's low.
0.69807 - Tue's low.
0.9754 -This week's low (Mon).
EUR/USD - 0.9903.. Although euro swung broadly sideways initially y'day below Tue's near 2-week 0.9999 high, price met selling in Europe at 0.9994 n tumbled to 0.9835 in NY morning on broad-based usd's rebound b4 recovering.
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, decline to a near 3-year 1.0637 low (Mar 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 n then break of 2017 trough of 1.0341 to a 20-year low of 0.9537 last week suggests the pair would head twd 0.9437, reckon 0.9300 may hold. On the upside, only a weekly close abv 0.9865 signals temp. low is made, risks 0.9945, break, 1.0040/50.
Today, euro's fall fm 0.9999 to 0.9835 signals 1st leg of correction fm Sep's 2-decade trough at 0.9537 has possibly ended, below 0.9835 would pressure price to 0.9800, reckon 0.9768 (50% r) should hold. Only abv 0.9936 dampens bear- ish outlook but abv 0.9950/60 needed to head back to 0.9994/99.
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