|

Daily Technical Outlook on Major - EUR/USD

   DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 12 Dec 2018 00:10GMT

Trend Daily Chart
Down

Daily Indicators
Bullish convergences

21 HR EMA
1.1341

55 HR EMA
1.1367

Trend Hourly Chart
Near term down

Hourly Indicators
Falling

13 HR RSI
31

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.1420 - Last Tue's high
1.1400 - Y'day's high
1.1350 -Mon's low (now res)

Support
1.1305 - Nov 30 low
1.1267 - Nov 28 low
1.1216 - Nov's (12th) 16-month low

  • EUR/USD - 1.1324.. Although euro fell sharply on Mon fm a fresh 2-week high of 1.1443 to 1.1350 due to selloff in cable, price ratcheted higher to 1.1400 at NY open y'day b4 down due to renewed usd's strength n later hit 1.1306 in NY.

  • On the bigger picture, despite euro's resumption of LT uptrend fm 2017 near 14-year bottom of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb, subse quent selloff to 1.1301 in Aug confirms said major rise has formed a top there. Although euro ratcheted lower to a 16-month trough at 1.1216 in mid-Nov, the rally to 1.1472 in mid-Nov suggests temp. low has been made n retracement twds 1.1500 is likely but a weekly close abv there needed to signal said MT fall has made a low n risk further headway twds 1.1621 in Dec. Below 1.1267 would bring re-test of 1.1216, then one more drop to 1.1187 (61.8% r of 1.0341-1.2555), bull ish convergences' on daily indicators should keep euro abv psychological 1.1000.

  • Today, euro's expected fall fm 1.1443 to 1.1306 signals recent erratic rise fm 1.1267 has made a top n consolidation with downside bias remains for weak ness to 1.1305, however, break there needed for re-test of this lvl later this this week. On the upside, only abv 1.1400 indicates pullback over, risks 1.1440.

EURUSD

Author

AceTrader Team

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.

More from AceTrader Team
Share:

Editor's Picks

EUR/USD hovers around nine-day EMA above 1.1800

EUR/USD remains in the positive territory after registering modest gains in the previous session, trading around 1.1820 during the Asian hours on Monday. The 14-day Relative Strength Index momentum indicator at 54 is edging higher, signaling improving momentum. RSI near mid-50s keeps momentum balanced. A sustained push above 60 would firm bullish control.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback. 

Gold sticks to gains above $5,000 as China's buying and Fed rate-cut bets drive demand

Gold surges past the $5,000 psychological mark during the Asian session on Monday in reaction to the weekend data, showing that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Federal Reserve expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal. 

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.