Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
Near term down
13 HR RSI
14 HR DMI
Consolidation with downside bias
1.1025 - Sep 23 high
1.1000 - Mon's high
1.0966 - Tue's Asian low (now res)
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.
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