Daily Technical Outlook on Major - EUR/USD

   DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 18 May 2018 00:21GMT

Trend Daily Chart
Down

Daily Indicators
Falling

21 HR EMA
1.1801

55 HR EMA
1.1821

Trend Hourly Chart
Sideways

Hourly Indicators
Bullish convergences

13 HR RSI
48

14 HR DMI
-ve

Daily Analysis
Consolidation b4 one more fall

Resistance
1.1891 - Last Fri's low (now res)
1.1854 - Wed's high
1.1838 - Y'day's high

Support
1.1763 - Wed's 5-1/2 month low
1.1740 - 80.9% proj. of 1.2139-1.1823 fm 1.1996
1.1718 - 2017 Dec low (12th)

  • EUR/USD - 1.1800.. Although euro recovered to 1.1838 in Asia on short cov- ering, price then fell to 1.1777 in Europe due to markrt concern on the future Italian govt.'s debt forgiveness request, euro later recovered to 1.1811 in NY.

  • On 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 to 1.2155 at the start of Mar confirms top has been made. Euro's break of prev. 2018 low at 1.19 16 to a 4-month trough of 1.1823 last week confirms the LT rise fm 1.0341 has made a top n Tue's break of this sup to 1.1763 y'day should pressure price twd 1.1718 (2016 Dec low), however, reckon 1.1680 should hold this week. Therefore, sellling euro on recovery is favoured n only a daily close abv 1.1996 signals temporary low is made, risks stronger retracement to 1.2155 later.

  • Today, euro's retreat fm 1.1838 to 1.1777 on Thur suggests correction fm 1.1763 has possibly ended n MT downtrend would head to 1.1735/45, however, 'bullish convergecnes' on hourly indicators should keep euro abv 1.1718. Only a daily close abv 1.1854 signals a temporary low is made, risks 1.1875, then 1.1910/20.

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