DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 14 Feb 2019 00:06GMT
Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
13 HR RSI
14 HR DMI
Resumption of recent decline
1.1344 - Y'days high
1.1312 - Y'day's European morning low (now res)
1.1291 - Tue's Asian morning high
1.1249 - Intra-day low
1.1216 - 2018 16-month low (Nov)
1.1187 - 61.8% r of 1.0341-1.2555
EUR/USD - 1.1264... Although euro maintained a firm bias in Asia y'day, following Tue's rally fm 1.1258 to 1.1341, price edged higher to 1.1344 in Asia n retreated to 1.1312 in European morning, then tumbled to 1.1259 near NY close.
On the bigger picture, despite euro's resumption of LT rise fm 2017 near 14-year bottom of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb, subsequent selloff to 1.1301 (Aug), then to a 16-month trough at 1.1216 in mid-Nov confirms said major uptrend has made a top there. As euro has fallen after an erratic rise to an 11-week high of 1.1570 in Jan, y'day's break of 1.1290 signals correction fm 1.1216 has ended n re-test of this key sup is envisaged, break would extend weakness to 1.1187 (61.8% r of 1.1216-1.1570) but reckon 1.1000 should hold. On the upside, only abv 1.1434 would prolong choppy sideways swings abv 1.1216 n risk another rise twd 1.1515 in Mar/Apr.
Today, euro's intra-day break of Tue's 2-1/2 month low at 1.1258 suggests re-test of 1.1216 is on the cards where a break there would extend MT decline to 1.1187, oversold readings on hourly indicators would prevent steep fall n reckon 1.1140/50 would hold. Only abv 1.1300/10 signals temp. low is made, risks 1.1344.
Interested in EURUSD technicals? Check out the key levels
- R3 1.1398
- R2 1.1371
- R1 1.1319
- PP 1.1291
- S1 1.1239
- S2 1.1212
- S3 1.116
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.