Daily Technical Outlook on Major - EUR/USD

   DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 07 Dec 2017 00:29GMT

Trend Daily Chart
Sideways

Daily Indicators
Sideways

21 HR EMA
1.1807

55 HR EMA
1.1826

Trend Hourly Chart
Down

Hourly Indicators
Bullish convergences

13 HR RSI
42

14 HR DMI
-ve

Daily Analysis
One more fall b4 rebound

Resistance
1.1940 - Last Fri's high
1.1878 - Mon's European high
1.1848 - Y'day's high

Support
1.1781 - Y'day's low
1.1757 - 50% r of 1.1554-1.1961
1.1714 - Nov 21 low

• EUR/USD - 1.1804.. Euro continued this week's losing streak n penetrated Tue's low at 1.1801 to 1.1781 in NY after intra-day recovery to 1.1848 in Asia, however, price later staged a rebound in NY afternoon on short covering.

• Looking at the bigger picture, despite euro's resumption of MT uptrend fm Jan's near 14-year low at 1.0341 to a 2-1/2 year peak of 1.2093 in Sep, subse uent fall to 1.1670 in early Oct n then 1.1554 in Nov confirms said upmove has formed a temporary top. Having said that, euro's impressive rally to 1.1861 in mid-Nov n then to a 2-month high at 1.1961 last Mon signals said correction has ended n re-test of 1.2093 is envisaged after consolidation, however, abv there needed to extend MT upmove twds 1.2315, a 50% proj. of intermediate rise fm 1.05 71-1.2093 measured fm 1.1554. Y'day's break of 1.1800 to 1.1781 may head to 1.17 57 n only break below 1.1714 sup suggest top is made n risk weakness twd 1.1638.

• Today, despite resumption of decline fm Nov's 1.1961 peak to a 2-week low of 1.1781, as this level was accompanied by 'bullish convergences' on the hourly indicators, reckon 1.1757 (50% r of 1.1554-1.1961) would contain weakness n yield rebound. A rise abv 1.1848 anytime confirms low is in place, 1.1877/78.