Daily Technical Outlook on Major - EUR/USD

  DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 09 Aug 2019 00:18GMT

Trend Daily Chart
Down

Daily Indicators
Bullish convergences

21 HR EMA
1.1196

55 HR EMA
1.1197

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
42

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.1347 - Jun 07 high
1.1285 - Jul 11 high
1.1249 - This week's high (Tue)

Support
1.1168 - Tue's low
1.1132 - Mon's Asian high (now sup)
1.1071 - Last Fri's low

. EUR/USD - 1.1186.. Euro traded narrowly in Asia n European morning y'day, price fell to 1.1182 in NY morning b4 briefly rebounding to 1.1231 after Trump tweeted that Fed is keeping usd high, euro later hit session lows of 1.1178.

. On the bigger picture, despite resumption of LT rise fm 2017 near 14- year low 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 2019 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 correction. Having said that, euro's stronger-than-expected rally fm Aug's 26-month low at 1.1028 to 1.1249 on Tue suggests temporary bottom has been made n price would head back twd 1.1347, however, reckon key res at 1.1412 should cap upside. On the downside, only below 1.1132 signals correction is over, 1.1071, 1.1000.

. Today, although y'day's decline fm 1.1241 suggests choppy trading below Tue's 2-week high at 1.1249 would continue, as long as 1.1168 (reaction low) holds, upmove fm 1.1028 would resume later, 'bearish divergences' on hourly indicators should cap price at 1.1285. Only below 1.1162/68 risks 1.1132/35.