Daily Technical Outlook on Major - EUR/USD
|DAILY EUR/USD TECHNICAL OUTLOOK
| 18 Dec 2018 00:22GMT |
| Trend Daily Chart | Daily Indicators | 21 HR EMA | 55 HR EMA |
| Down | Bullish convergences | 1.1339 | 1.1335 |
| Trend Hourly Chart | Hourly Indicators | 13 HR RSI | 14 HR DMI |
| Near term up | Rising | 62 | +ve |
| Daily Analysis | |||
| Choppy consolidation to continue | |||
| Resistance | Support | ||
| 1.1443 - Dec's high (9th) 1.1393 - Last Thur's high 1.1358 - Y'day's high |
1.1330 - Y'day's NY low 1.1306 - Last Tue's low 1.1267 - Nov 28 low |
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EUR/USD - 1.1352.. Although euro traded narrowly in Asia following last week's selloff fm 1.1443 (Mon) to 1.1270 Fri, short covering lifted price to 1.1354 in Europe. Euro later rose to 1.1358 in NY on usd's weakness.
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On the bigger picture, despite euro's resumption of LT uptrend fm 2017 near 14-year bottom of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb, subse quent selloff to 1.1301 in Aug confirms said major rise has formed a top there. Although euro ratcheted lower to a 16-month trough at 1.1216 in mid-Nov, the rally to 1.1472 later suggests temporary low has been made n retracement twds 1.1500 is likely but a weekly close abv there needed to signal said MT fall has made a low n risk further headway twds 1.1621 in Dec. Below 1.1267 would bring re-test of 1.1216, then one more drop to 1.1187 (61.8% r of 1.0341-1.2555), bull ish convergences' on daily indicators should keep euro abv psychological 1.1000.
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Today, euro's strg rebound to 1.1358 on Mon suggests recent sideways swings inside recent broad range of 1.1216-1.1472 would continue with upside bias but abv 1.1393 needed to head back twds last week's high at 1.1443. Only below 1.1267/70 revives bearishness for weakness twds 1.1216.
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