Daily technical and trading outlook – EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
1.1766

55 HR EMA
1.1741

Trend Hourly Chart

Sideways

Hourly Indicators
Bearish divergences

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis

One more rise b4 down

Resistance
1.1861 - 80.9% proj. of 1.1582-1.1781 fm 1.1700
1.1815 - 2018 Sep high
1.1806 - Y'day's fresh 22-month peak

Support
1.1755 - Y'day's hourly sup
1.1719 - Y'day's low
1.1700 - Tue's low

EUR/USD - 1.1778.. Euro met renewed buying y'day at 1.1715 (AUS) n gained to 1.1769 in Europe b4 retreating to 1.1719. The pair then rallied to fresh 22- month peak at 1.1806 on usd's weakness in post-FOMC b4 easing.

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, price tumbled to a near 3-year 1.0637 low on broad-based usd's strength. Having said that, euro's rally this month due to risk-on trade n then break of Mar's 1.1494 high signals said decline has ended n present rising daily indicators suggest upside bias remains for further headway twd 1.1822 (61.8% r of 1.2555-1.0637), however, minor 'bearish divergences' would prevent strg gain n risk has increased for a correction to take place in late Aug/Sep. On the downside, below 1.1422 anytime signals top is made n may head back twd 1.1000/10.

Today, as euro's break of Mon's 1.1781 top to 1.1806 signals MT uptrend would head twd 1.1820/30 after consolidation, 'bearish divergences' on hourly indicators should cap price below 1.1848 n yield correction. Only daily close below 1.1683 risks stronger retracement to 1.1658 b4 prospect of recovery.

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

1. R3 1.192
2. R2 1.1863
3. R1 1.1827
PP 1.1771
1. S1 1.1734
2. S2 1.1678
3. S3 1.1642

Author

AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

EUR/USD holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling

GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.