Daily Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 18 Apr 2019 00:13GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
1.1299

55 HR EMA
1.1299

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
46

14 HR DMI
-ve

Daily Analysis
Consolidation b4 one more rise

Resistance
1.1392 - Mar 22 high
1.1347 - 61.8% r of 1.1448-1.1184
1.1325 - Last week's high (Fri)

Support
1.1279 - Y'day's low
1.1250 - Last Thur's low
1.1230 - Last Wed's low.

EUR/USD - 1.1198.. Despite initial dip to 1.1279 (AUS) y'day, euro rebound ed in Asia on improved risk appetite n hit session highs at 1.1324 in Europe. The pair retreated to 1.1291 in NY morning after failure to penetrate 1.1325 res.
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 1.1216 in Nov 2018, then to a 20-month bottom at 1.1177 in early part of Mar confirms said major uptrend has made a top there. Although price fell fm 1.1448 to 1.1184 initially in Apr, subsequent rally to 1.1325 suggests the vola- tile price action fm 1.1177 may be unfolding into a bearish triangle n as long as 1.1448 holds, another rise to 1.1120/30 is seen, 'bullish convergences' on daily indicators should keep price abv 1.1054 (61.8% proj. of 1.1815-1.1177 measured fm 1.1448). Only abv 1.1448 risks stronger gain twd 1.1570 in May.
Today, although y'day's retreat after faltering below Fri's 2-week high at 1.1325 suggests consolidation is in store b4 upmove fm 1.1184 heads to 1.1332 , then 1.1375 later, 'bearish divergences' on hourly indicators would cap price below 1.1392 res n yields correction. Below 1.1279 indicates top, 1.1250, 1.1230.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1366
2. R2 1.1345
3. R1 1.132
PP 1.13
1. S1 1.1275
2. S2 1.1254
3. S3 1.1229

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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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