Daily Technical and Trading Outlook -EUR/USD

  DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 25 May 2017 00:12GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
1.1203

55 HR EMA
1.1200

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
64

14 HR DMI
+ve

Daily Analysis
Consolidation b4 one more rise

Resistance
1.1300 - 2016 Nov high (9th)
1.1268 - Y'day's fresh 6-month high
1.1248 - Tue's NY high

Support
1.1169 - Y'day's low
1.1140 - Last Thur's NY high (now sup)
1.1098 - Last Fri's low

. EUR/USD - 1.1226.. Euro was on the back foot in Asia y'day following the selloff fm Tue's 6-month peak of 1.1268 to 1.1176, then marginally lower to 1.11 69 near NY midday. Price later rallied to 1.1220 after cautious Fed minutes.

. On the bigger picture, euro's early break of previous 1.1024 res to a 6- month high 1.1268 y'day confirms the 3-legged rise fm Jan's near 14-year low has once again resumed, present rising technical indicators suggest price has upward momentum to head to 1.1293, being 100% proj. of 1.0571-1.1024 measured fm 1.0840 ,however, as daily oscillators' readings would be in o/bot territory on such move, reckon res at 1.1366 (2016 Aug high) would cap upside n risk has increased for a correction to take place later this month. On the downside, only a daily close below 1.1024 would signal temporary top has been made n risk stronger correction to 1.0923 but 1.0840 should remain intact.

. Today, as usd's broad-based weakness in NY afternoon after Fed minutes has lifted euro, suggesting pullback fm 1.1268 has ended n recent MT rise may head twd 1.1288 (61.8% proj. of 1.1076-1.1268 fm 1.1169), 'bearish divergences' on hourly indicators would cap price below 1.1300 res. Below 1.1162/69, 1.1105.