Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
Rising fm o/s
13 HR RSI
14 HR DMI
Consolidation with downside bias
1.1230 - This week's high
1.1190 - Wed's high
1.1158 - Y'day's high
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.
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