Daily Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 09 Oct 2019 05:30GMT

Trend Daily Chart
Down

Daily Indicators
Bullish convergences

21 HR EMA
1.0965

55 HR EMA
1.0970

Trend Hourly Chart
Near term down

Hourly Indicators
Falling

13 HR RSI
41

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.1025 - Sep 23 high
1.1000 - Mon's high
1.0966 - Tue's Asian low (now res)

Support
1.0942 - Tue's low
1.0905 - Last Wed's low
1.0880 - Last Tue's fresh 28-month low

EUR/USD - 1.0960.. Although euro rebounded fm 1.0966 in Asia Tue to 1.0995 in Europe on buying in eur/gbp cross, price later fell in tandem with intra-day selloff in cable n hit session lows of 1.0942 in NY b4 staging a recovery.

On the bigger picture, euro resumed its Long Term 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 fresh 28-month bottom at 1.0880 last week would pressure price to 1.0840 (May low in 2017), 'bullish convergences' on the daily indicators would keep euro abv 1.0705 (100% projection fm 1.1412) n risk has increased for a much-needed correction to take place. On the upside, a daily close abv 1.1025 would be the 1st signal temporary low has been made, then euro would head back twd Sep's high at 1.1109, however, only firm break of this res would turn outlook bullish for a stronger retracement twd 1.1249 in Nov/Dec.

Today, as Mon's 1.1000 high was accompanied by 'bearish divergences' on the hourly indicators, subsequent fall to 1.0942 suggests upmove fm Oct's 1.0880 trough has made a top n consolidation with downside bias remains for weakness twd 1.0905. Only abv 1.1000 may risk 1.1025 but res at 1.1075 should cap upside.

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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