Daily technical and trading outlook – EUR/USD
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Last Update At 12 Apr 2021 23:52GMT
Trend daily chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.1906
55 HR EMA
1.1898
Trend hourly chart
Sideways
Hourly Indicators
Rising
13 HR RSI
58
14 HR DMI
+ve
Daily analysis
One more rise b4 decline
Resistance
1.1990 - Mar 11 high.
1.1947 - Mar 22 high.
1.1927 - Last Thur's 2-week high.
Support
1.1861 - Last Thur's low.
1.1821 - Last Tue's Asian high (now sup).
1.1786 - Apr 02 high (now sup).
EUR/USD - 1.1915.. Although euro edged lower in subdued Asian morning on Mon n hit session lows of 1.1872 in Europe, intra-day rally in cable lifted price to 1.1919, the single currency later moved narrowly in directionless NY trading.
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 (Mar end) would bring retracement of said MT rise twd 1.1695 (38.2% r of 1.0637-1.2349), then twd 1.1603. Last week's rally abv 1.1804 signals MT fall has made a temp. low n may head twd 1.1947 but only abv 1.1990 risks 1.2090/00.
Today, as long as 1.1868/72 sup holds, euro's recent corrective rise fm 1.1705 would head to 1.1947 target, however, bearish divergences on hourly indicators wold cap upside below daily res at 1.1990 n yield decline. A daily close below 1.1861 (upbeat US CPI perhaps) signals top made, 1.1819/21, then 1.1796.
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