Daily Technical Outlook on Major - EUR/USD

Trend Daily Chart
Down

Daily Indicators
Bullish divergences

21 HR EMA
1.1402

55 HR EMA
1.1435

Trend Hourly Chart
Sideways

Hourly Indicators
Bullish convergences

13 HR RSI
45

14 HR DMI
-ve

Daily Analysis
Consolidation b4 one more fall

Resistance
1.1509 - Jun's 11-month low (now res)
1.1481 - Hourly chart
1.1433 - Y'day's high

Support
1.1365 - Y'day's 13-month low
1.1339 - 50% proj. of 1.2414-1.1509 fm 1.1791
1.1313 - Jul 2017 low (7th)

• EUR/USD - 1.1396.. Euro continued Fri's fall to a 13-month low of 1.1368 in NZ as weakness in Turkish lira to fresh records low triggered broad-based euro selling on contagion fear, price then hit 1.1365 b4 recovering to 1.1433 in NY.

• 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 has made a top there. Last Fri's break of 1.1509 after 6-weeks of daily wildly swings to 1.1365 y'day confirms MT downtrend to correct upmove fm 1.0341 have resumed n would head to 1.1232 (61.8% proj. of 1.2414-1.1509 fm 1.1791), 'bullish convergences' on daily indicators should keep price abv 1.1187 (61.8% r of 1.0341-1.2555). On the upside, only abv 1.1628 signals temp. low is in place n risks stronger retracement twd 1.1891 later this month.

• Today, although euro's rebound fm 1.1365 to 1.1433 signals temp. low has been made, as long as 1.1509 (prev. sup, now res) holds, outlook remains bearish for further weakness, 'bullish convergences' on hourly indicators should keep price abv 1.1313 n bring correction later. Only abv 1.1509 risks 1.1548.