Daily Technical Outlook on Major - EURUSD

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.1604

55 HR EMA
1.1596

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
53

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.1674 - 61.8% r of 1.1746-1.1530
1.1658 - Last Wed's low (now res)
1.1628 - Y'day's high

Support
1.1573 - Y'day's low
1.1549 - Hourly chart
1.1530 - Mon's fresh 1-month low

• EUR/USD - 1.1607.. Although euro extended Tue's gain to 1.1628 initially in Asia y'day, price erased intra-day gain n fell in Europe to session lows of 1.1573 at NY open but the single currency later rebounded to 1.1620.

• On the bigger picture, despite euro's resumption of LT uptrend fm 2017 near 14-year bottom of 1.0341 marginally higher abv Jan's 3-year peak of 1.2538 to 1.2555 in mid-Feb, subsequent selloff to as low as 1.1509 in Jun confirms said major rise fm 1.0341 has formed a top there. Although euro had staged a rebound to 1.1791 in early Jul, subsequent sideways swings n last Fri's break of Jul's 1.1575 low suggests correction has ended, below 1.1500/09 would extend MT downtrend to correct upmove fm 1.0341 to 1.1448 (50% r), 'bullish convergences' on daily indicators should keep price abv 1.1330/40. On the upside, only abv 1.1658 prolongs choppy consolidation but abv 1.1791 needed to head twd 1.1852.

• Today, euro's rebound fm 1.1573 to 1.1620 suggests choppy sideways swings are in store n abv 1.1628/32 res would bring stronger retrace. of recent fall to 1.1674, however, reckon 1.1700 should cap upside. below 1.1673 anytime signals correction fm 1.1530 over n yields re-test of 1.1530, then 1.1510/15.

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