Daily Technical Outlook on Major - EUR/USD
|
Last Update At 07 Dec 2017 00:29GMT
Trend Daily Chart
Sideways
Daily Indicators
Sideways
21 HR EMA
1.1807
55 HR EMA
1.1826
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
One more fall b4 rebound
Resistance
1.1940 - Last Fri's high
1.1878 - Mon's European high
1.1848 - Y'day's high
Support
1.1781 - Y'day's low
1.1757 - 50% r of 1.1554-1.1961
1.1714 - Nov 21 low
-
EUR/USD - 1.1804.. Euro continued this week's losing streak n penetrated Tue's low at 1.1801 to 1.1781 in NY after intra-day recovery to 1.1848 in Asia, however, price later staged a rebound in NY afternoon on short covering.
-
Looking at the bigger picture, despite euro's resumption of MT uptrend fm Jan's near 14-year low at 1.0341 to a 2-1/2 year peak of 1.2093 in Sep, subse uent fall to 1.1670 in early Oct n then 1.1554 in Nov confirms said upmove has formed a temporary top. Having said that, euro's impressive rally to 1.1861 in mid-Nov n then to a 2-month high at 1.1961 last Mon signals said correction has ended n re-test of 1.2093 is envisaged after consolidation, however, abv there needed to extend MT upmove twds 1.2315, a 50% proj. of intermediate rise fm 1.05 71-1.2093 measured fm 1.1554. Y'day's break of 1.1800 to 1.1781 may head to 1.17 57 n only break below 1.1714 sup suggest top is made n risk weakness twd 1.1638.
-
Today, despite resumption of decline fm Nov's 1.1961 peak to a 2-week low of 1.1781, as this level was accompanied by 'bullish convergences' on the hourly indicators, reckon 1.1757 (50% r of 1.1554-1.1961) would contain weakness n yield rebound. A rise abv 1.1848 anytime confirms low is in place, 1.1877/78.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.