Daily Technical Outlook on Major -EUR/USD

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
1.2356

55 HR EMA
1.2364

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
41

14 HR DMI
-ve

Daily Analysis
One more fall b4 rebound

Resistance
1.2446 - Mar 08 high
1.2414 - Tue's high
1.2400 - Y'day's high

Support
1.2324 - This week's low (Mon - AUS)
1.2300 - Last Thur's low
1.2260 - Last Mon's low

• EUR/USD - 1.2343.. Although euro continued to swings wildly in Asia n European morning Thur, price briefly rose to 1.2400 b4 falling in NY morning due to usd's strength on risng US yields. Price later hit session lows of 1.2329.

• Looking at the bigger picture 1st, despite resumption of LT uptrend fm 20 17 near 14-year bottom of 1.0341 marginally higher abv Jan's 3-year peak of 1.25 38 to 1.2555 in mid-Feb, subsequent break of Feb's 1.2206 low n then fall to a 7- week trough of 1.2155 at the start of Mar confirms top has been made. Having said that, euro's rally fm 1.2215 Mar's 1.2215 low to 1.2397 last Wed suggests decline fm Mar's 1.2477 high has ended there n price would continue to 'gyrate' inside 1.2555-1.2155 range this week. A rise abv 1.2400/10 would add credence to this view n yield further gain twd 1.2477 but break needed to bring re-test of 1.2555 in Apr/May. Only below 1.2215 risks weakness twd 1.2155, break, 1.2093.

• Today, although euro's decline fm 1.2400 to 1.2329 signals recent upmove fm 1.2215 has made a temp. top, 'bullish convergences' on hourly indicators would prevent steep fall n reckon 1.2260/70 would remain intact n yield rebound later. Abv 1.2400 anytime would bring re-test of 1.2414, then twd 1.2446.

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