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Daily technical and trading outlook – EUR/USD

Daily EUR/USD technical outlook

Last Update At 06 Oct 2022 00:02GMT.

Trend daily chart

Down

Daily indicators

Rising fm o/s.

21 HR EMA

0.9903

55 HR EMA

0.9893

Trend hourly chart

Sideways

Hourly indicators

Rising fm o/s.

13 HR RSI

49

14 HR DMI

-ve

Daily analysis

Consolidation with downside bias.

Resistance

0.9999 - Tue's near 2-week high.
0.9960 - Wed's Asian low (now res).
0.9936 - 61.8% r of 0.9999-0.9835.

Support

0.9835 - Wed's low.
0.69807 - Tue's low.
0.9754 -This week's low (Mon).

EUR/USD - 0.9903.. Although euro swung broadly sideways initially y'day below Tue's near 2-week 0.9999 high, price met selling in Europe at 0.9994 n tumbled to 0.9835 in NY morning on broad-based usd's rebound b4 recovering.

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 peak in early Jan 2021, subsequent selloff to 1.1705 (Mar) signals top is made. Euro's break of 1.1705 n then firm breach below 2020 bottom at 1.0637 in Apr to a 5-year bottom of 1.0350 in mid-May n then break of 2017 trough of 1.0341 to a 20-year low of 0.9537 last week suggests the pair would head twd 0.9437, reckon 0.9300 may hold. On the upside, only a weekly close abv 0.9865 signals temp. low is made, risks 0.9945, break, 1.0040/50.

Today, euro's fall fm 0.9999 to 0.9835 signals 1st leg of correction fm Sep's 2-decade trough at 0.9537 has possibly ended, below 0.9835 would pressure price to 0.9800, reckon 0.9768 (50% r) should hold. Only abv 0.9936 dampens bear- ish outlook but abv 0.9950/60 needed to head back to 0.9994/99.  

EURUSD

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AceTrader Team

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.

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