fxsoriginal  DAILY EUR/USD TECHNICAL OUTLOOK

Last Update At 16 Sep 2020 00:29GMT

Trend Daily Chart

Sideways

Daily Indicators

Bearish divergences

21 HR EMA

1.1856

55 HR EMA

1.1857

Trend Hourly Chart

Sideways

Hourly Indicators

Getting o/sold

13 HR RSI

32

14 HR DMI

-ve

Daily Analysis

Consolidation with downside bias

Resistance

1.1965 - Aug's (18)
1.1917 - Last week's high (Thur)
1.1900 - Tue's high

Support

1.1811 - Reaction low fm last Thur's 1.1917
1.1782 - Sep 04 low
1.1754 - Seps low (09)

EUR/USD - 1.1833.. Euro swung wildly in hectic Tue's session. Despite meeting buying at 1.1860 in Asia n climbed to 1.1899 in Europe, then 1.1900 in NY morning, price tumbled as usd caught a bid n knocked euro to 1.1840.

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 would head twd 1.2093, 'bearish divergences' on daily indicators would cap price below 1.2229 (1.168 times exten. of 1.0767-1.1422 fm 1.1169) n yield correction. Euro's sharp decline fm Tue's fresh 2-year peak at 1.2011 suggests MT upmove has made a temp. top n would head twd 1.1755 but only a weekly close below 1.1712 aborts bullishness n risks 1.1690, then 1.1590/00.

Today, as last Thur's selloff fm 1.1917 to 1.1811 signals recovery fm last Wed's near 4-week trough at 1.1754 has ended there n y'day's sharp retreat fm 1.1900 has retained bearishness for 1.1790/00. However, as hourly oscillators would be in o/sold territory, reckon sup 1.1754 would hold on 1st testing.

EURUSD

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