Daily Technical Outlook on Major - EUR/USD
|DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 22 May 2019 00:40GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.1160
55 HR EMA
1.1164
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
52
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1265 - Last Mon's n May 01 high
1.1225 - Wed's n Thur's high
1.1188 - Y'day's high
Support
1.1135 - May's low (3rd)
1.1112 - Apr's 22-month low (26th)
1.1064 - 61.8% proj. of 1.1815-1.1177 fm 1.1448
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EUR/USD - 1.1163.. Although euro fell marginally lower a fresh 2-week low of 1.1142 in European morning, intra-day sharp rally in sterling lifted price to 1.1188 briefly b4 retreating in tandem with cable in NY afternoon session.
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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 1.1216 in Nov 2018, then to a 20-month bottom at 1.1177 in early March confirms said major uptrend has made a top there. Despite subsequent rally to 1.1448 in Mar, euro's fall to 1.1184, then early break of 1.1177 to 1.1112 Apr confirms MT fall fm 1.2555 has resumed n would head to 1.1054 (61.8% proj. of 1.1815-1.1177 measured fm 1.1448), 'bullish convergences' on daily indicators would keep price abv psychological 1.1000 level. On the upside, only abv 1.1265 signals temporary low is made n risks retracement to 1.1325, then 1.1448.
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Today, euro's rebound fm 1.1142 to 1.1188 suggests recent fall has made a temp. low as this lvl was accompanied by 'bullish convergences' on hourly indicators, abv 1.1188 would bring stronger gain twd 1.1225 but 1.1265 should hold. Only below pivotal 1.1135 sup risks re-test of 1.1112, break, 1.1060/70 later.
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