Daily Technical Outlook on Major - EUR/USD

Last Update At 13 Jun 2018 00:18GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
1.1765

55 HR EMA
1.1774

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
36

14 HR DMI
-ve

Daily Analysis
One more fall b4 rebound

Resistance
1.1892 - 50% proj. of 1.1510-1.1840 fm 1.1727
1.1840 - Last week's high (Thur)
1.1821 - Mon's high

Support
1.1727 - Last Fri's low
1.1675 - 50% r of 1.1510-1.1840
1.1653 - Last Tue's low

• EUR/USD - 1.1748.. Although euro fell initially to session lows of 1.1741 at Asian open on rally in usd/yen, renewed buying quickly emerged n lifted price to 1.1809 in Europe b4 falling to 1.1733 in NY due to broad-based usd's strength.

• On the bigger picture 1st, despite euro's 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 1.21 55 at the start of Mar confirms top has been made. Euro's break of previous 2018 low at 1.1916 to 1.1823 in early May, then last week's breach of key sup at 1.15 54 to 1.1510 confirms the LT upmove fm 1.0341 has made a top n price is en route twd 1.1448 (50% r of 1.0341-1.2555), however, subsequent rally to 1.1840 last week signals temporary low is made but only a daily close abv 1.1830 risks stron ger retracement to 1.1907 then twd 1.1996 b4 prospect of retreat.

• Today, euro's decline fm 1.1809 to 1.1733 on Tue suggests choppy trading below last Thur's 3-week peak at 1.1840 would continue ahead of Fed rate decision with downside bias, below 1.1727 (Fri's reaction low) would bring retracement of early rise fm 1.1510 to 1.1700 but 1.1575 should remain intact n bring rebound.