Weekly Technical Outlook on Major - EUR/USD
|
Last Update At 05 Nov 2018 00:20GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.1399
55 HR EMA
1.1391
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
48
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1550 - Oct 22 high
1.1494 - Oct 23 low
1.1456 - Last week's high (Fri)
Support
1.1361 - Last Wed's high (now sup)
1.1336 - Oct 26 low
1.1301 - Aug's 13-month bottom
-
EUR/USD - 1.1396.. Although euro continued its recent losing streak last week n hit a 2-1/2 month trough of 1.1303 (Wed), failure to re-test 2018 low at 1.1301 n brief broad-based usd's pullback lifted price to 1.1456 Fri.
-
On the bigger picture, despite euro's resumption of LT uptrend fm 2017 near 14-year bottom of 1.0341 to marginally higher abv Jan's 3-year peak of 1.25 38 to 1.2555 in mid-Feb, subsequent selloff to 1.1301 in Aug confirms said major rise has made a top there. Although euro's rally to a 3-1/2 month high of 1.1815 in Sep suggests temp. low has been made, subsequent decline to as low as 1.1303 last week signals correction fm 1.1301 has ended n would yield re-test of this level, 'bullish convergences' on daily indicators should keep price abv 1.1187. On the upside, only abv 1.1550 would prolong choppy trading abv 1.1301, then risk would shift to the upside for stronger retacement to 1.1621, 1.1734.
-
Today, euro's rally to 1.1456 in Europe Fri but failure to close abv key 1.1432 res n subsequent retreat to 1.1373 suggests at least 1st leg of correction is over n choppy sideways swings are in store, as long as 1.1336 holds, another rise is seen, abv 1.1466, 1.1490/94. Below 1.1336 may risk weakness twd 1.1303.
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.