Daily Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 11 Oct 2018 00:51GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.1520

55 HR EMA
1.1507

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
63

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
1.1629 - Sep 28 high
1.1594 - Last Wed's high
1.1550 - Last Fri's high

Support
1.1480 - Y'day's low
1.1460 - Mon's low
1.1432 - Tue's fresh 7-week low

EUR/USD - 1.1537.. Euro extended Tue's rally ahead of Asian open y'day n rose to 1.1515 in Asia due to intra-day gain in cable, price fell back to 1.1480 on Italian budget concerns b4 climbing to 1.1545 on usd's weakness in NY.

. On the bigger picture, 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 1.25 38 to 1.2555 in mid-Feb, subsequent selloff to 1.1301 in Aug confirms said major rise has made a top there. Although euro's rally to a 3-1/2 month high of 1.1815 in Sep signals temp. low has been made, subsequent decline to as low as 1.1432 y'day suggests correction fm 1.1301 has possibly ended, a daily close below 1.14 52 would yield weakness twd 1.1301 later in Oct, 'bullish convergences' on the daily indicators should keep price abv 1.1187. On the upside, only abv res at 1.1629 suggests temporary low is made n risks stronger retacement twd 1.1720.

. Today, although euro's expected resumption of near term upmove fm 1.1432 to 1.1545 suggests recent decline has made a temp. low, as oscillators' readings would be in o/bot territory on next rise, reckon upside would falter below res at 1.1594 n yield subsequent retreat. Below 1.1500 signals top, 1.1480, 1.1460.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1618
2. R2 1.1582
3. R1 1.1552
PP 1.1516
1. S1 1.1485
2. S2 1.1449
3. S3 1.1419

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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