Daily Technical Outlook on Major - EUR/USD

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
1.1284

55 HR EMA
1.1395

Trend Hourly Chart
Near term down

Hourly Indicators
Bullish convergences

13 HR RSI
43

14 HR DMI
-ve

Daily Analysis
One more fall b4 rebound

Resistance
1.1378 - 38.2% r of 1.1815-1.1108
1.1347 - Last Fri's 10-week high
1.1303 -Y'day's high

Support
1.1269 - Y'day's low
1.1252 - Last Fri's low
1.1203 - Last Thur's low

• EUR/USD - 1.1280.. Although euro staged a recovery to 1.1303 shortly after European open Thur following selloff fm 1.1343 to 1.1283 on Wed, renewed selling quickly emerged n knocked price to session lows of 1.1269 in NY,

• On the bigger picture, despite 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 2-year bottom at 1.1108 in May suggests said MT fall fm 1.2555 may head to 1.1054 (61.8% proj. of 1.1815-1.1177 measured fm 1.1448) b4 prospect of a strg correction. Having said that, euro's rally fm 1.1108, then last week's break abv 1.1265 (May high) suggests low has been made as this lvl was accompanied by 'bullish convergences' on daily indicators. As long as 1.1203 holds, gain to 1.1448, then twd 1.1515 may be seen but reckon 1.1570 (Jan peak) should remain intact. Below 1.1203 would risk 1.1108.

• Today, euro's decline fm 1.1343 to 1.1269 suggests further volatile tra ding below 1.1347 would continue, as y'day's 1.1269 low was accompanied by 'bull ish convergences' on hourly oscillators, reckon 1.1252 sup should hold n bring rebound. Only below 1.1252 risks retracement of upmove fm 1.1108 twd 1.1203.

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