fxsoriginal  DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 22 May 2020 00:06GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
1.0959

55 HR EMA
1.0951

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
43

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.1067 - 80.9% r of 1.1147-1.0728
1.1043 - 61.8% proj. of 1.0776-1.0976 fm 1.0919
1.1018 - May's high (01)

Support
1.0938 - Thur's low
1.0896 - Last week's high (Wed, now sup)
1.0850 - May 15 high (now sup)

EUR/USD - 1.0950.. Although euro retreated fm 1.0988 (AUS) to 1.0957 due to rebound in usd after Trump's tweet with China-bashing comments Thur.Price hit 1.0953 in Europe b4 climbing to 1.1008 in NY morning but only to fall to 1.0938.

On the bigger picture, despite euro's 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 selloff to as low as 1.0778 in mid-Feb 2020 signals said impressive rise has ended. Although price had staged a surprise rally to a 13-month high at 1.1494 in early part of Mar, euro's selloff on renewed usd's strength due to funding demand to a near 3-year low of 1.0637 the same month confirms LT fall fm 1.2555 has resumed n would head twd next chart obj. at 1.0531. Having said that, euro's rise fm Apr's 1.0728 low to 1.1018 in May suggests choppy trading abv 1.0637 would continue b4 another fall n only abv 1.1018 would risk stronger gain twd 1.1147 in late May/Jun.

Today, despite resumption of upmove to a 2-week 1.1008 high, as this lvl was accompanied by 'bearish divergences' on hourly indicators, subsequent fall to 1.0938 after failure to re-test 1.1018 suggests consolidation with downside bias remains, below 1.0938, 1.0903, then 1.0888. Only abv 1.1018 risks 1.1050/54.

EURUSD

 

Interested in EUR/USD technicals? Check out the key levels

    1. R3 1.1065
    2. R2 1.1037
    3. R1 1.0994
  1. PP 1.0965
    1. S1 1.0922
    2. S2 1.0894
    3. S3 1.0851

 

Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

When is Japan’s data-dump and how could it affect the USD/JPY?

While the risk catalysts have recently been lighter, mainly due to the equities’ upbeat performances, the underlying fears aren’t yet wiped out. Technically, buyers keep targeting the 108.05/10 area comprising multiple highs marked since April-19.

Read more

AUD/USD: Upside momentum again fizzles around 11-week top, still above 0.6600

Having marked yet another failure to stay strong beyond 0.6650, AUD/USD remains depressed around 0.6640/35 at the start of Friday’s Asian session.Risk-tone remains positive as equities cheer hopes of further stimulus, economic restart.

AUD/USD News

Goldman Sachs puts Bitcoin on par with Gold

One of the world's largest investment banks, Goldman Sachs, announced a conference for its clients entitled “Implications of Current Inflation, Gold and Bitcoin Policies”

Read more

Gold: Limited gains below the $1730/oz level for XAU/USD

After bouncing from the 1690/1700 price zone XAU/USD is stalling below the 1730 resistance and the 50 SMA on the four chart. The picture is mixed as it seems the metal is challenging a tough resistance near the 1730 level.

Gold News

WTI oil prices rally on gasoline demand and hopes of output cuts’ extension

WTI crude oil prices have appreciated more than 5% on Thursday to reach $34 and approach two-month highs. Investors' optimism about an increase of gasoline demand and speculation of an OPEC+ deal to extend output cuts are driving crude prices higher.

Oil News

Forex Majors

Cryptocurrencies

Signatures