Daily Technical Outlook on Major - EUR/USD

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.2242

55 HR EMA
1.2228

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
53

14 HR DMI
+ve

Daily Analysis
Consolidation b4 one more fall

Resistance
1.2329 - Last Thur's low (now res)
1.2300 - Apr 12 low (now res)
1.2250 - Last Fri's low (now res)

Support
1.2182 - Y'day's fresh 7-week low
1.2155 - Mar's low (1st)
1.2093 - Prev. 2017 high in Sep (now sup)

• EUR/USD - 1.2233.. Euro swung wildly on Tue. Price fell to a fresh 7-week low of 1.2185 in Asia b4 rebounding to 1.2224 at European open but only to fall to session lows of 1.2182 n later then rose in tandem with cable to 1.2245 in NY.

• Looking at the bigger picture 1st, despite resumption of LT uptrend fm 2017 near 14-year bottom of 1.0341 to marginally higher abv Jan's 3-year peak of 1.2538 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 Mar's 1.2215 low to 1.2414 last Tue n then another fall back to 1.2199 y'day suggests re-test of Mar's trough at 1.2155 may be seen , a break there would risk stronger retracement of MT uptrend to 1.2093, then 1.2054 (50% r of 1.1554-1.2555). On the upside, only a daily close abv 1.2300 sig nals price remains confined inside 1.2555-1.2155 broad range n heads twd 1.2414. 

• Today, although euro's rebound fm 1.2182 suggests temp. low has been made n range trading is in store initially, as long as 1.2250 holds, fall fm 1.2477 may heads twd 1.2155 later today, loss of momentum should keep price abv 1.2100. A daily close abv 1.2250 signals low is made n heads to 1.2300, then 1.2353/55.

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