Daily Technical and Trading Outlook -EUR/USD

Trend Daily Chart
Sideway

Daily Indicators
Rising

21 HR EMA
1.775

55 HR EMA
1.08022

Trend Hourly Chart
Near term down

Hourly Indicators
Turning up

13 HR RSI
36

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.0873 - Tue's high
1.0827 - Y'day's high
1.0799 - Tue's low (now res)

Support
1.0741 - Y'day's low
1.0720 - Last week's low (Mon)
1.0652 - 61.8% r of 1.0494-1.0907

• EUR/USD - 1.0757.. Euro remained under pressure in Asia y'day following Tue's selloff to 1.0799, price met renewed selling at 1.0827 in Asia n weakened to 1.0778 in Europe, then 1.0741 at NY open b4 staging a recovery.

• On the bigger picture, euro's MT upmove fm Jan's near 14-year bottom of 1.0341 to 1.0829 in Feb signals recent downtrend has formed a low there. Des- pite subsequent fall to 1.0494 in Feb, Mon's rally abv 1.0829 to a 4-month peak of 1.0907 confirms said rise fm 1.0341 has once again resumed n would head to 1.0979/82, being 50% r of MT fall fm 1.1617-1.0341 n 100% proj. of 1.0341-1.0829 measured fm 1.0494 respectively in Apr, however, reckon 1.1097 (1.26 extension of 1.0341-1.0829 fm 1.0494) should hold. Having said that, this week's decline to 1.07$$ y'day signals top has been made n downside bias remains for stronger retracement, below 1.0720 would extend weakness twd 1.0624 (50% r) next week.

• Today, despite staging a minor recovery in NY session to 1.0773, as long as 1.0799 (Tue's low, now res) holds, this week's decline should head to 1.0691/ 99, however, as hourly indicators would display 'bullish convergences' on next fall, reckon 1.0670/75 should hold. Only abv 1.0799 risks 1.0822/27.