Weekly Technical Outlook on Major - EUR/USD
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Last Update At 14 Oct 2019 00:18GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.1031
55 HR EMA
1.1017
Trend Hourly Chart
Sideways
Hourly Indicators
Bearish divergences
13 HR RSI
49
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
1.0109 - Sep high (13th)
1.1075 - Sep 18 high
1.1062 - Last Fri's near 3-week high
Support
1.1000 - Last Mon's high (now sup)
1.0968 - Hourly sup
1.0942 - Last week's low (Tue)
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EUR/USD - 1.1030.. Euro extended previous week's rise to 1.1000 on Mon n despite a retreat to 1.0942 the next day, renewed buying pushed price higher to 1.1034 on Thur, then to a near 3-week high of 1.1062 on Fri b4 easing.
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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, subsequent sell- off to 1.1216 in Nov 2018, then to a fresh 28-month bottom at 1.0880 last week would pressure price to 1.0840 (May low in 2017), 'bullish convergences' on the daily indicators would keep euro abv 1.0705 (100% projection fm 1.1412) n risk has increased for a much-needed correction to take place. On the upside, a daily close abv 1.1109 would violate recent series of lower lows n lower highs n signal temporary bottom is made, then outlook would turn outlook bullish for price to stage a stronger retracement twd 1.1249 in Nov/Dec.
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Today, euro's resumption of upmove fm 1.0880 bottom to 1.1062 on Fri suggests price would head to 1.1075, then twd 1.1109 target after consolidation, 'bearish divergences' on hourly indicators should prevent strg gain n 1.1164 should hold. Only a daily close below 1.1000 signals top, 1.0968, 1.0942.
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