Daily Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 15 May 2019 00:20GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
1.1215

55 HR EMA
1.1233

Trend Hourly Chart
Near term down

Hourly Indicators
Getting o/s

13 HR RSI
33

14 HR DMI
-v3

Daily Analysis
Consolidation with downside bias

Resistance
1.1304 - Apr 18 high
1.1265 - Mon's n May 01 high
1.1246 - Y'day's high (Reuters)

Support
1.1167 - Last Tue's low
1.1135 - May's low (May 03)
1.1112 - Apr 26 low

. EUR/USD - 1.1203.. Although euro recovered fm 1.1221 (AUS) to session highs of 1.1246 (Reuters) in Europe, price erased its gains n tumbled to 1.1204 1.1204 at NY open, then 1.1201 on usd's strength n Italy's budget concerns.

. 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 March confirms said major uptrend has made a top there. Despite subsequent rally to 1.1448 in Mar, euro's fall to 1.1184, then early break of 1.1177 to 1.1112 Apr confirms MT fall fm 1.2555 has resumed n would head to 1.1054 (61.8% proj. of 1.1815-1.1177 measured fm 1.1448), 'bullish convergences' on daily indicators would keep price abv psychological 1.1000 level. On the upside, only abv 1.1265 signals temporary low is made n risks retracement to 1.1325, then 1.1448.

. Today, although euro's selloff after Mon's failure to break May's 1.1265 top signals near term rise fm 1.1135 has made a temp. top there n downside bias remains, as hourly oscillators would be in o/sold territory, reckon 1.1161/67 sup area would hold. Only abv 1.1265 extends early rise fm 1.1112 to 1.1190/00.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1278
2. R2 1.1262
3. R1 1.1234
PP 1.1217
1. S1 1.1189
2. S2 1.1173
3. S3 1.1145

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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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