Daily Technical Outlook on Major - EUR/USD
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Last Update At 14 Aug 2018 00:16GMT
Trend Daily Chart
Down
Daily Indicators
Bullish divergences
21 HR EMA
1.1402
55 HR EMA
1.1435
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
45
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.1509 - Jun's 11-month low (now res)
1.1481 - Hourly chart
1.1433 - Y'day's high
Support
1.1365 - Y'day's 13-month low
1.1339 - 50% proj. of 1.2414-1.1509 fm 1.1791
1.1313 - Jul 2017 low (7th)
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EUR/USD - 1.1396.. Euro continued Fri's fall to a 13-month low of 1.1368 in NZ as weakness in Turkish lira to fresh records low triggered broad-based euro selling on contagion fear, price then hit 1.1365 b4 recovering to 1.1433 in NY.
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On the bigger picture, despite euro's resumption of LT uptrend fm 2017 near 14-year bottom of 1.0341 marginally higher abv Jan's 3-year peak of 1.2538 to 1.2555 in mid-Feb, subsequent selloff to as low as 1.1509 in Jun confirms said major rise has made a top there. Last Fri's break of 1.1509 after 6-weeks of daily wildly swings to 1.1365 y'day confirms MT downtrend to correct upmove fm 1.0341 have resumed n would head to 1.1232 (61.8% proj. of 1.2414-1.1509 fm 1.1791), 'bullish convergences' on daily indicators should keep price abv 1.1187 (61.8% r of 1.0341-1.2555). On the upside, only abv 1.1628 signals temp. low is in place n risks stronger retracement twd 1.1891 later this month.
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Today, although euro's rebound fm 1.1365 to 1.1433 signals temp. low has been made, as long as 1.1509 (prev. sup, now res) holds, outlook remains bearish for further weakness, 'bullish convergences' on hourly indicators should keep price abv 1.1313 n bring correction later. Only abv 1.1509 risks 1.1548.
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