DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 09 Nov 2018 00:45GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.1398
55 HR EMA
1.1416
Trend Hourly Chart
Near term down
Hourly Indicators
Falling
13 HR RSI
31
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.1550 - Oct 22 high
1.1500 - Y'day's 2-week high
1.1473 - Y'day's Asian morning high
Support
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.
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.