Daily Technical Outlook on Major - EUR/USD

    DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 14 Feb 2019 00:06GMT

Trend Daily Chart
Down

Daily Indicators
Falling

21 HR EMA
1.1287

55 HR EMA
1.1301

Trend Hourly Chart
Down

Hourly Indicators
Oversold

13 HR RSI
34

14 HR DMI
-ve

Daily Analysis
Resumption of recent decline

Resistance
1.1344 - Y'days high
1.1312 - Y'day's European morning low (now res)
1.1291 - Tue's Asian morning high

Support
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.

EURUSD

 

Interested in EURUSD technicals? Check out the key levels

    1. R3 1.1398
    2. R2 1.1371
    3. R1 1.1319
  1. PP 1.1291
    1. S1 1.1239
    2. S2 1.1212
    3. S3 1.116

 

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