Daily Technical Outlook on Major - EUR/USD
|
Last Update At 16 Jan 2020 01:14GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.1146
55 HR EMA
1.1137
Trend Hourly Chart
Near term up
Hourly Indicators
Turning down
13 HR RSI
62
14 HR DMI
+ve
Daily Analysis
One more rise b4 retreat
Resistance
1.1239 - Dec's 4-1/2 month high (31st)
1.1206 - Last week's high (Mon)
1.1168 - Last Wed's high
Support
1.1086 - Last week's low (Fri)
1.1067 - Dec 20 low
1.1041 - Dec 06 low
EUR/USD - 1.1154.. Although euro retreat fm 1.1136 to 1.1119 in European morning y'day' renewed buying emerged n lifted price, the pair later resumed this week's rise n climbed to 1.1163 in NY morning b4 retreating to 1.1144.
On the bigger picture, euro resumed its LT upmove fm 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018. Despite subsequent sell 1st day off to 1.1216 in Nov 2018, then to a fresh 28-month bottom at 1.0880 in Oct 2019, euro's rally to a 4-1/2 month peak of 1.1239 in Dec suggests low has been made n may head to 1.1249 (Aug high), break would encourage for further headway twd 1.1347 (50% r fm 1.1815-1.0880) in late Feb/Mar. Having said that, euro's fall fm 1.1239 to 1.1086 has dampened bullish outlook, a weekly close below 1.1067 sup would risk stronger retracement of said rise fm 1.0880 to 1.1017 (61.8% r fm 1.0880), however, reckon pivotal sup at 1.0982 should hold.
Today, although y'day's break of Mon's 1.1146 high to 1.1163 suggests near term upmove fm last Fri's 1.1086 low has resumed n mild upside bias would be seen, as hourly oscillators' readings would be in overbought territory, reckon 1.1206 would hold n yield retreat. Below 1.1105 yields 1.1086, then 1.1067.
Interested in EUR/USD technicals? Check out the key levels
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.