Daily Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK

18 Dec 2018 00:22GMT

Trend Daily Chart	Daily Indicators	21 HR EMA	55 HR EMA
Down	Bullish convergences	1.1339	1.1335
Trend Hourly Chart	Hourly Indicators	13 HR RSI	14 HR DMI
Near term up	Rising	62	+ve
Daily Analysis
Choppy consolidation to continue
Resistance		Support
1.1443 - Dec's high (9th) 1.1393 - Last Thur's high 1.1358 - Y'day's high		1.1330 - Y'day's NY low 1.1306 - Last Tue's low 1.1267 - Nov 28 low

EUR/USD - 1.1352.. Although euro traded narrowly in Asia following last week's selloff fm 1.1443 (Mon) to 1.1270 Fri, short covering lifted price to 1.1354 in Europe. Euro later rose to 1.1358 in NY on usd's weakness.
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 later suggests temporary 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 strg rebound to 1.1358 on Mon suggests recent sideways swings inside recent broad range of 1.1216-1.1472 would continue with upside bias but abv 1.1393 needed to head back twds last week's high at 1.1443. Only below 1.1267/70 revives bearishness for weakness twds 1.1216.

Author

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.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.