Daily technical and trading outlook – EUR/USD

  Daily EUR/USD technical outlook

Last Update At 26 Nov 2021 01:27GMT.

Trend daily chart

Down

Daily Indicators

Oversold

21 HR EMA

1.1213

55 HR EMA

1.1258

Trend hourly chart

Sideways

Hourly Indicators

Turning up

13 HR RSI

58

14 HR DMI

+ve

Daily analysis

Choppy consolidation to continue.

Resistance

1.1274 - Tue's high.
1.1255 - Wed's high,
1.1230 - Thur's high.

Support

1.1187 - Wed's fresh 16-month low.
1.1169 - 2020 Jun 15 low.
1.1139 - 70.7% r of 1.0637-1.2349.

EUR/USD - 1.1224. Euro traded narrowly abv Wed's fresh 3-year trough at 1.1187 n edged higher FM 1.1196 (AUS) to 1.1230 in Europe b4 inching lower to 1.1296 in holiday-thin N. American session due to US Thanksgiving holiday.

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, decline to a near 3-year 1.0637 low (Mar 2020) signals correction has ended. Although euro staged a rally to a near 33-month 1.2349 peaks in early Jan 2021, subsequent selloff to 1.1705 (Mar) signals top is made. Euro's rebound to 1.2266 in May, then break of 1.1705 sup to a 14-month trough of 1.1525 in Oct signals a major top is made. As price has fallen last week after a rally to 1.1692 in post-ECB Thur, Fri's sell-off to 1.1250 would head to 1.1169, oversold readings on daily indicators would keep price abv 1.1008/18 this month. Only abv 1.1434 risks gain to 1.1514.

Today, intra-day rebound would bring sideways swings n abv 1.1230 may risk stronger retracement to 1.1255, however, as hourly oscillators would be in o/bot territory on such move, res at 1.1274 should hold n yield another fall. Below 1.1187 extends downtrend to 1.1169, then two 1.1139 on Mon.