Daily Technical Outlook on Major - EUR/USD
|
Last Update At 12 Feb 2019 00:13GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.1291
55 HR EMA
1.1316
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
30
14 HR DMI
-ve
Daily Analysis
One more fall b4 rebound
Resistance
1.1360 - Last Thur's NY high
1.1330 - Y'day's high
1.1290 - Jan's low (now res)
Support
1.1267 - Y'day's 2-1/2 month low
1.1216 - 2018 16-month low (Nov)
1.1187 - 61.8% r of 1.0341-1.2555
-
EUR/USD - 1.1275... Although euro briefly fell to 1.1315 in NZ y'day, price ratcheted higher to 1.1330 ahead of European open b4 falling to 1.1296 in in Europe. Euro rebounded to 1.1321 n later hit a 2-1/2 month low of 1.1257.
-
On the bigger picture, despite euro's resumption of LT rise fm 2017 near 14-year bottom of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb, subsequent selloff to 1.1301 (Aug), then to a 16-month trough at 1.1216 in mid-Nov confirms said major uptrend has made a top there. As euro has fallen after an erratic rise to an 11-week high of 1.1570 in Jan, y'day's break of 1.1290 signals correction fm 1.1216 has ended n re-test of this key sup is envisaged, break would extend weakness to 1.1187 (61.8% r of 1.1216-1.1570) but reckon 1.1000 should hold. On the upside, only abv 1.1434 would prolong choppy sideways swings abv 1.1216 n risk another rise twd 1.1515 in Mar/Apr.
-
Today, Mon's break of 1.1290 to 1.1267 in NY suggests re-test of 2018 bot tom at 1.1216 is in the cards this week, 'bullish convergences' on daily oscillators would limit weakness to 1.1187. Therefore, selling euro on recovery is recom mended n only a daily close abv 1.1330 signals temp. low made, risks 1.1360/70.
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.