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.
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