Daily Technical Outlook on Major -EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 19 Jan 2018 00:13GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
1.2232

55 HR EMA
1.2226

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
55

14 HR DMI
+ve

Daily Analysis
Consoldiation with upside bias

Resistance
1.2369 - 50% proj. of 1.1916-1.2323 fm 1.2166
1.2323 - Y'day's fresh 3-month high
1.2287 - Wed's NY high

Support
1.2218 - Y'day's European morning high (now sup)
1.2166 - Y'day's low (AUS)
1.2112 - Last Fri's NY low

. EUR/USD - 1.2242.. Trading the euro proved to be tricky this week as price continued to swing wildly, a potential sign of an imminent top formation. Despite extending Weds' fall to 1.2166 (AUS), price later rose to 1.2265 in NY.

. Looking at the bigger picture, despite euro's 4-month long wild swings following resumption of MT upmove fm 2017 Jan's near 14-year low at 1.0341 to a 2-1/2 year peak of 1.2093 in Sep, last Fri's impressive rally abv said major res on news of a success in German coalition talks confirms abovementioned uptrend has finally resumed n price is en route to 1.2345 after consolidation, however, reckon 1.2495 should cap upside, being 50% n 61.8% projection respectively of the rise fm 1.0341-1.2093 measured fm 1.1554. Current rising daily indicators add credence to this view. On the downside, only a weekly below 1.2093 (prev. high, now sup) signals temp. top is made n risks correction twds 1.1916 in Feb.

. Today, euro's strg rise fm 1.2166 to 1.2265 suggests pullback fm 1.2323 has ended n consolidation with upside bias remains for re-test of this temp. top , abv would extend recent uptrend to 1.2345/50, 'bearish divergences' on hourly indicators should cap price at 1.2365/70. Only below 1.2195 risks 1.2166, 1.2112.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.2381
2. R2 1.2323
3. R1 1.2281
PP 1.2223
1. S1 1.2181
2. S2 1.2123
3. S3 1.2081

Author

AceTrader Team

AceTrader

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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