Daily Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 11 Jul 2019 00:30GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning down

21 HR EMA
1.1243

55 HR EMA
1.1231

Trend Hourly Chart
Up

Hourly Indicators
Overbought

13 HR RSI
70

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
1.1321 - Jul 02 high
1.1295 - Last Thur's low
1.1269 - Last Wed's low (now res)

Support
1.1234 - Mon's high (now sup)
1.1208 - Last week's low (Fri)
1.1194 - Tue's low

EUR/USD - 1.1263.. Despite trading narrowly in Asia abv Tue's near 3-week low of 1.1194, price rebouned to 1.1229 in European morning n then jumped to 1.12 54 after release of dovish J. Powell's testimony n later to 1.1263 b4 easing.
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, 2018, subsequent selloff to 1.1216 in Nov 2018, then to a near 2-year bottom at 1.1108 in May 2018 suggests said MT fall fm 1.2555 may head to 1.1054 (61.8% proj. of 1.18 15-1.1177 measured fm 1.1448) b4 prospect of a strg correction. Having said that , euro's erratic rise fm 1.1108 to 1.1412 in Jun suggests temp. low is made, how ever, as price has fallen again to as low as 1.1208 in post-NFP NY last Fri, suggesting correction fm 1.1108 has possibly ended, a daily close below 1.1182 would bring re-test of 1.1108. Only abv 1.1212 risks stronger gain to 1.1448, 1.1515.
Today, euro's rise fm 1.1194 to 1.1263 signals choppy trading abv 1.1108 would continue with upside bias for retracement of decline fm Jun's 3-month high at 1.1412 twd 1.1328 (61.8% r), o/bot readings on hourly oscillators should cap price below 1.1345. Only below 1.1229/34 (prev. res, now sup) risks 1.1208.

Author

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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