Daily Technical Outlook on Major - EUR/USD
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Last Update At 11 Jul 2019 00:30GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.1243
55 HR EMA
1.1231
Trend Hourly Chart
Up
Hourly Indicators
Overbought
13 HR RSI
70
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.1321 - Jul 02 high
1.1295 - Last Thur's low
1.1269 - Last Wed's low (now res)
Support
1.1234 - Mon's high (now sup)
1.1208 - Last week's low (Fri)
1.1194 - Tue's low
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EUR/USD - 1.1263.. Despite trading narrowly in Asia abv Tue's near 3-week low of 1.1194, price rebouned to 1.1229 in European morning n then jumped to 1.12 54 after release of dovish J. Powell's testimony n later to 1.1263 b4 easing.
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On the bigger picture, despite 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, 2018, subsequent selloff to 1.1216 in Nov 2018, then to a near 2-year bottom at 1.1108 in May 2018 suggests said MT fall fm 1.2555 may head to 1.1054 (61.8% proj. of 1.18 15-1.1177 measured fm 1.1448) b4 prospect of a strg correction. Having said that , euro's erratic rise fm 1.1108 to 1.1412 in Jun suggests temp. low is made, how ever, as price has fallen again to as low as 1.1208 in post-NFP NY last Fri, suggesting correction fm 1.1108 has possibly ended, a daily close below 1.1182 would bring re-test of 1.1108. Only abv 1.1212 risks stronger gain to 1.1448, 1.1515.
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Today, euro's rise fm 1.1194 to 1.1263 signals choppy trading abv 1.1108 would continue with upside bias for retracement of decline fm Jun's 3-month high at 1.1412 twd 1.1328 (61.8% r), o/bot readings on hourly oscillators should cap price below 1.1345. Only below 1.1229/34 (prev. res, now sup) risks 1.1208.
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