DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 09 Nov 2018 00:45GMT
Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
Near term down
13 HR RSI
14 HR DMI
Consolidation with downside bias
1.1550 - Oct 22 high
1.1500 - Y'day's 2-week high
1.1473 - Y'day's Asian morning high
1.1336 - Oct 26 low
1.1301 - Aug's 13-month bottom
1.1244 - 50% proj. of 1.1815-1.1303 fm 1.1500
EUR/USD - 1.1365.. Euro extended Wed's decline to 1.1404 in Europe b4 rebounding on short covering to 1.1447 in NY morning. Price quickly retreated n later tumbled to session lows of 1.1352 after Fed's hawkish hold.
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 suggests temp. low has been made, subsequent decline to as low as 1.1303 last week signals correction fm 1.1301 has ended n would yield re-test this level, 'bullish convergences' on daily indicators should keep price abv 1.1187. On the upside, only abv 1.1550 would prolong choppy trading abv 1.1301, then risk would shift to the upside for stronger retacement to 1.1621, 1.1734.
Today, euro's stronger-than-expected decline fm 1.1500 to as low as 1.13 52 suggests early correction fm Oct's 1.1303 trough has ended n test of key 2018 bottom at 1.1301 is likely but break there needed to retain bearishness for fur- ther weakness twd 1.1444. Only abv 1.1447 'prolongs' choppy trading, 1.1470/80.
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.