fxsoriginal   DAILY EUR/USD TECHNICAL OUTLOOK

Last Update At 15 Oct 2020 23:56GMT

Trend Daily Chart

Sideways

Daily Indicators

Neutral

21 HR EMA

1.1713

55 HR EMA

1.1733

Trend Hourly Chart

Down

Hourly Indicators

Bullish convergences

13 HR RSI

40

14 HR DMI

-ve

Daily Analysis

Resumption of recent decline

Resistance

1.1770 - Wed's high
1.1758 - Thur's high
1.1720 - Wed's low (now res)

Support

1.1685 - Sep 30 low
1.1655 - 80.9% r of 1.1613-1.1831
1.1613 - Sep's low (25)

EUR/USD - 1.1706.. Although euro briefly gained to 1.1758 ahead of Euro- pean open y'day, renewed selling emerged n knocked price down to a 2-week low of 1.1689 in NY on safe-haven usd buying b4 rebounding to 1.1711 in Aust. today.

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 in Mar 2020 on broad-based usd's strength. Having said that, euro's subsequent rally to a 2-year peak of 1.2011 in the beginning of Sep due to risk-on trade signals said decline has ended. Having said that, weakness to 1.1613 in late signals temp. top is made a said 2020 peak was also accompanied by 'bearish divergences' on daily indicators. Below 1.1613 would shift risk to downside for stronger retrace. to 1.1500 but reckon 1.1433 would hold. Only abv 1.1831 signals correction over, then price would head back twd 1.2011.

Today, euro's resumption of decline fm 1.1831 to as low as 1.1689 due to active safe-haven usd buying n global stock market rout should pressure the pair twd 1.1613, 'bullish convergences' on hourly indicators would prevent steep fall n 1.1580/90 may hold. Only daily close abv 1.1720 risks 1.1760/70.

EURUSD

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