Daily Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 19 Dec 2018 00:18GMT

Trend Daily Chart
Down

Daily Indicators
Bullish convergences

21 HR EMA
1.1365

55 HR EMA
1.1353

Trend Hourly Chart
Near term up

Hourly Indicators
Rising

13 HR RSI
62

14 HR DMI
+ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.1472 - Nov 20th high
1.1443 - Dec's high (9th)
1.1402 - Y'day's high

Support
1.1330 - Mon's NY low
1.1306 - Last Tue's low
1.1267 - Nov 28 low

EUR/USD - 1.1384.. Despite euro's marginal gain abv Mon's 1.1358 high to 1.1360 in Asia, price retreated on profit taking to 1.1337 in Europe b4 rising again to 1.1402 due to renewed usd's weakness, price later retreated to 1.1350.
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 gain to 1.1402 on Tue suggests choppy consolidation inside recent 1.1216-1.1472 range would continue with upside bias, however, overbought readings on hourly oscillators would cap price below daily res 1.1472. Below 1.1330/37 sup signals upomve fm 1.1270 has made a temp. top, risks 1.1270.

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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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