DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 16 Aug 2019 00:20GMT
Trend Daily Chart
Down
Daily Indicators
Turning down
21 HR EMA
1.1122
55 HR EMA
1.1144
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
36
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.1230 - This week's high
1.1190 - Wed's high
1.1158 - Y'day's high
Support
1.1092 - Y'day's low
1.1071 - Aug 02 low
1.1028 - Aug's fresh 2-year low (1st)
EUR/USD - 1.1108.. Despite intra-day recovery to 1.1158 ahead of NY open, euro tumbled on dovish comments by ECB's Rehn n early penetarted Wed's 1.1131 low to a 10-day trough of 1.1092 in NY morning b4 stbailising.
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 last 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 1.1028 would extend weakness to next proj. target at 1.0975.
Today, euro's erratic fall fm last week's high at 1.1249 to as low as 1.1092 on Thur suggests early correction fm Aug's bottom has ended, however, oversold readings on hourly oscillators would prevent steep decline n reckon 1.1060/70 would contain weakness n bring rebound but 1.1180/90 would hold.
-637015386604344578.png)
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.