DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 07 Dec 2017 00:29GMT
Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
13 HR RSI
14 HR DMI
One more fall b4 rebound
1.1940 - Last Fri's high
1.1878 - Mon's European high
1.1848 - Y'day's high
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.
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