Daily EUR/USD technical outlook
Last Update At 15 Jun 2021 00:07GMT
Trend daily chart
Sideways
Daily Indicators
Bearish divergences
21 HR EMA
1.2119
55 HR EMA
1.2130
Trend hourly chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
53
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.2194 - Last Thur's n Fri's high
1.2144 - Last Thur's low (now res)
1.2130 - Mon's high
Support
1.2093 - Last Fri's low
1.2052 - May 13 low
1.1987 - May's low (5th)
EUR/USD - 1.2123.. Although euro remained on the back foot in Asia n European morning y'day after hitting a near 4-week trough of 1.2093 on Fri, price rebounded on active short covering in euro n rose to 1.2130 in NY 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, subsequent decline to a near 3-year 1.0637 low in Mar 2020 signals correction has ended. Despite an impressive upmove to a near 33-month 1.2349 peak in early Jan 2021, subsequent decline to 1.1705 (Mar) signals top is made. Having said that, euro's break of Apr's 1.2149 top to 1.2266 last Tue suggests pullback fm 1.2349 has ended n gain twd 1.2349 may be seen in late Jun/Jul b4 correction. On the downside, a daily close below 1.2052 sup indicates upmove fm 1.1705 is over n revives bearishness for a strong retracement of said move to 1.1987, then later twd 1.1868/73.
Today, as Fri's selloff to 1.2093 confirms decline fm 1.2266 (May) has resumed, price is en route to 1.2052 sup where a daily close below there would pressure euro twd 1.1987 later this week. Only a daily close abv 1.2144 signals temporary low is made n may risk stronger retracement to 1.2190/94.
-637593391460574241.png)
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.
Recommended Content
Editors’ Picks
AUD/USD could extend the recovery to 0.6500 and above
The enhanced risk appetite and the weakening of the Greenback enabled AUD/USD to build on the promising start to the week and trade closer to the key barrier at 0.6500 the figure ahead of key inflation figures in Australia.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Bitcoin price makes run for previous cycle highs as Morgan Stanley pushes BTC ETF exposure
Bitcoin (BTC) price strength continues to grow, three days after the fourth halving. Optimism continues to abound in the market as Bitcoiners envision a reclamation of previous cycle highs.
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Federal Reserve might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.