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.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD eases to near 1.0850 on renewed USD strength
EUR/USD stays under modest bearish pressure, battling 1.0850 in the European session on Tuesday. The renewed USD strength weighs on the pair. ZEW sentiment survey will be featured in the European economic docket ahead of housing data from the US.
USD/JPY extends rally beyond 150.00 as markets assess BoJ decisions
USD/JPY preserves its bullish momentum after breaking above 150.00 with the 'sell the fact' reaction to the Bank of Japan's decision to end negative interest rates. In the post-meeting press conference, Governor Ueda said they will consider options for easing broadly, including ones used in the past if needed.
Gold price struggles to lure buyers, holds steady above one-week low ahead of FOMC meeting
Gold price ticks lower amid reduced Fed rate cut bets, elevated US bond yields and stronger USD. Geopolitical tensions could lend some support to the safe-haven XAU/USD and help limit losses.
Why is the crypto market crashing?
The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem. But the recent move suggests that the upward momentum is dissipating and a correction looms.
Canada CPI Preview: Inflation pickup could scale back bets on early interest-rate cut
The Canadian Consumer Price Index is expected to have risen by 3.1% YoY in February. The BoC shows no rush to lower its interest rate. The Canadian Dollar maintains its multi-day lows against the US Dollar around 1.3540.