Daily Technical Outlook on Major - EUR/USD

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
1.1044

55 HR EMA
1.1046

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
34

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.1164 - Aug 26 high
1.1109 - Last Fri's 2-week high
1.1091 - Mon's high (NZ)

Support
1.0991 - This week's low (Tue)
1.0962 - 80.9% r of 1.0927-1.1109
1.0927 - Sep's fresh 27-month low

EUR/USD - 1.1030.. Despite extending early rise fm 1.0991 (Tue) to 1.10 75 in Aust. y'day, price retreated to 1.1037 in Europe b4 staging a rebound to 1.1068 but only to tumble to 1.1015 in post-FOMC after Fed's less-dovish cut.

On the bigger picture, euro resumed its LT upmove fm 2017 near 14- year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018, subsequent sell- off to 1.1216 in Nov 2018, then to a 27-month bottom at 1.0927 initially in Sep suggests price would head twd 1.0840 (May low in 2017), however, o/sold readings on daily indicators would keep price abv 1.0705 (100% projection fm 1.1412). Hav ing said that, despite subsequent rebound to 1.1084, then another fall to 1.1028 in post-ECB last Thur, euro's to as high as 1.1109 Fri suggests temp. low has been made n would bring choppy trading. Abv 1.1164 would bring stronger gain twd 1.1164 but break there needed to confirm low made n head twd 1.1249 later.

Today, despite early fall fm last week's 1.1109 high (Fri) to 1.0991 on Tue, subsequent rebound suggests choppy trading inside 1.0928-1.1109 range is likely to continue. Y'day's decline to 1.1015 signals downside bias remains for weakness to 1.0975 but 1.0962 may hold. Only abv 1.1075 risks gain twd 1.1109.